What Is a License & Permit Bond?

A License & Permit Bond is a type of surety bond required by the City of Evanston to grant a business license or permit to individuals and businesses. This $25,000 bond acts as a financial guarantee that the bondholder will:

• Comply with all city ordinances, codes, and regulations.

• Fulfill the terms of their license or permit responsibly.

• Address any damages, violations, or fines resulting from non-compliance or negligent work.

From my perspective, this bond helps ensure that businesses and contractors operate professionally and ethically, while providing the city with financial recourse in case of violations.

Who Needs a $25,000 License & Permit Bond in Evanston?

You may be required to obtain a $25,000 License & Permit Bond in Evanston if you:

• Are applying for a business license to operate legally within the city.

• Are a contractor or tradesperson (e.g., electrician, plumber, general contractor) working on projects that require a city permit.

• Are performing work that impacts public property or infrastructure, such as streets, sidewalks, or utilities.

In my observation, these bonds are often required for contractors, tradespeople, and other professionals to demonstrate their commitment to following Evanston’s laws and completing their work to the city’s standards.

How to Get a $25,000 License & Permit Bond

Securing a $25,000 License & Permit Bond in Evanston is a straightforward process if you follow these steps:

1. Confirm Bond Requirements: Contact the Evanston city office to verify whether you need a $25,000 bond and if any specific conditions apply to your license or permit.

2. Work with a Surety Bond Provider: Apply for the bond through a reputable surety company, like Axcess Surety.

3. Provide Necessary Documentation: Submit information about your business, the type of work you’ll perform, and your financial background to the surety provider.

4. Pay the Bond Premium: The premium is typically a small percentage (1-10%) of the bond amount. For a $25,000 bond, this could range from $250 to $2,500 annually, depending on your credit and financial standing.

5. Submit the Bond to the City: Once issued, file the bond with the Evanston city office as part of your licensing or permitting application.

From my experience, working with a trusted surety provider makes the process smooth and ensures you meet the city’s requirements promptly.

How Much Does a $25,000 License & Permit Bond Cost?

The cost of your bond depends on several factors, including:

• Your personal credit score.

• Your business’s financial history and experience.

• The type of license or permit you are applying for.

For most applicants, the cost of a $25,000 bond will range from $250 to $750 annually, assuming good credit. Applicants with lower credit scores may still qualify for the bond but may pay a higher premium. In my experience, working with a surety provider like Axcess Surety ensures you receive the best possible rate based on your qualifications.

Why Does Evanston Require a $25,000 License & Permit Bond?

From what I’ve seen, the City of Evanston requires this bond to:

• Ensure businesses and contractors comply with local laws, ordinances, and safety standards.

• Protect residents and the city from financial losses due to incomplete work, damages, or violations.

• Provide a mechanism for resolving claims without burdening taxpayers.

In my view, the $25,000 License & Permit Bond is an important tool for fostering accountability and trust between the city, its residents, and those conducting business or projects within its limits.