Who Needs the Bond?

This bond is typically required for:

1. Construction Contractors: For permits related to building, renovation, or excavation projects.

2. Business Owners: Applying for licenses to operate within the village.

3. Specialized Trades: Electricians, plumbers, HVAC technicians, and other professionals.

4. Event Organizers: For temporary events requiring permits to ensure compliance with local regulations.

Check with Bridgeview’s permitting office to determine if your specific activity or license requires this bond.

Why Is the Bond Required?

The bond is required to:

1. Ensure Compliance: Guarantees adherence to village laws, ordinances, and permit conditions.

2. Protect Public Property: Covers damages to streets, sidewalks, utilities, or other public assets caused during permitted activities.

3. Promote Accountability: Encourages businesses and contractors to act responsibly and professionally.

How Does the Bond Work?

The Bridgeview Village License/Permit Bond is a three-party agreement involving:

• Principal: The individual or business obtaining the bond.

• Obligee: The Village of Bridgeview, which requires the bond.

• Surety: The bonding company that issues the bond and guarantees payment if a valid claim is made.

If the principal fails to fulfill their obligations—such as causing property damage or violating permit conditions—a claim can be filed against the bond. The surety may pay the claim, but the principal is legally required to reimburse the surety for any amounts paid.

Steps to Obtain the Bond

Securing a Bridgeview Village License/Permit Bond is straightforward:

1. Verify Requirements: Confirm the bond amount and specific conditions with the village office.

2. Select a Surety Provider: Choose a reputable bonding company experienced in municipal bonds.

3. Complete the Application: Provide details about your business, financial history, and bond needs.

4. Pay the Premium: The premium is a percentage of the bond amount, based on factors like credit score and business experience.

5. Submit the Bond: Include the bond with your license or permit application to finalize approval.

Cost of the Bond

The cost of the Bridgeview Village License/Permit Bond depends on:

• Bond Amount: Determined by the village based on the license or permit type.

• Credit Score: Higher credit scores often result in lower premiums.

• Business Experience: Established businesses with a compliance history may qualify for reduced rates.

Premiums typically range from 1% to 5% of the bond amount. For example, a $10,000 bond might cost between $100 and $500 annually.

What Happens if a Claim Is Filed?

If a claim is filed against your bond, the surety will investigate its validity. Claims may arise from:

• Failing to complete permitted work or a project.

• Violating local ordinances or permit conditions.

• Causing damage to public or private property.

If the claim is valid, the surety may pay the claimant up to the bond amount. However, you are legally obligated to reimburse the surety for any amounts paid, including related costs.