Paterson Excavation Performance & Maintenance or Street Opening Bond
Who needs an excavation performance & maintenance or street opening bond in Paterson, New Jersey?
All contractors applying for a permit for street excavation and maintenance or street opening in Paterson must post a surety bond. The bond amount is equivalent to 100% of the work proposed but not less than $1,000.
These contractors must also provide the following:
- A permit application fee, as determined by the City Engineer
- Liability insurance, determined by the Engineer but not less than: $100,000 bodily injury per person; $300,000 bodily injury, each accident; $50,000 property damages
Complete contractor requirements are listed in Article III of the Paterson municipal code.
Need to purchase or renew your bond ASAP? Give us a call at (888) 435-4191, and we’ll help you get bonded in a zip!
Check out our page on New Jersey contractor license bonds for state-specific information.
Get Your Paterson Contractor Bond:
Frequently Asked Questions
What if a claim exceeds the bond amount?
The bond amount, also called the penal sum, is the maximum dollar value a client can seek from a bonded contractor. If damages exceed this amount, clients may seek alternative means of compensation.
How long will my bond cover my work?
The initial bond term will often last for the remainder of the calendar year in which you post the bond. You must then renew your bond annually for it to remain active (for the duration of your project). The bond renewal date will be listed on your bond form.
Apply for Your Contractor Bond in Paterson, NJ
ZipBonds offers the fastest and most secure option for getting bonded. Our all-digital platform is intuitive and straightforward. Apply online, email support@zipbonds.com or call (888) 435-4191 to speak with an agent directly.
About ZipBonds.com
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.