Developers frequently utilize surety bonds as a performance guarantees for subdivision projects. These bonds are referred to as "subdivision bonds", "performance bonds," "site improvement bonds," "completion bonds," and/or "plat bonds."
Developers bulding a subdivision project begin by filing their plat maps with the public entity that oversees the land use where the project is . These maps, once approved, show the proposed configuration and final development of the project, including public improvements such as streets, gutters, sidewalks, utility lines, street signs, etc. These public land improvements will become the property of the municipaliy once the work has been successfully completed.
As a guarantee to the public municipality, the developer will provide the required subdivision bond to guarantee the completion of the improvements with regard to the underlying contract or plat map.
Subdivision bonds are different from standard performance bonds used in construction projects and require an underwriter who understands the nature of the requirement. A1SuretyBonds has aligned themselves with knowledgable surety companies that compliment our understanding of Plat/Subdivision surety bonds.
Call and speak with one of our knowledgable staff today to get your subdivision bond!