Get the free SURFACE COAL MINING AND RECLAMATION OPERATIONS SURETY BOND - psc nd

This document serves as a surety bond for surface mining and reclamation activities in North Dakota, ensuring compliance with state and federal regulations.

How to fill out surface coal mining and

How to fill out SURFACE COAL MINING AND RECLAMATION OPERATIONS SURETY BOND

1. Obtain the appropriate surety bond form from your state mining agency or the surety company.
2. Fill in the principal's name and address, which should be the entity engaging in surface coal mining operations.
3. Provide details of the mining operation, including the location and the type of mining activities planned.
4. Specify the amount of the surety bond, which is determined based on state regulations and the scale of the mining operation.
5. Include any required additional information or documentation that the state mining agency may require.
6. Ensure that the surety company completing the bond is authorized to issue bonds in your state.
7. Review the entire document for accuracy and completeness before submission.
8. Submit the completed surety bond form to the appropriate state agency along with any required fees or additional documents.

Who needs SURFACE COAL MINING AND RECLAMATION OPERATIONS SURETY BOND?

1. Anyone or any entity planning to engage in surface coal mining operations is required to obtain a SURFACE COAL MINING AND RECLAMATION OPERATIONS SURETY BOND.
2. This includes mining companies, individuals, and contractors responsible for coal extraction and reclamation efforts.

People Also Ask about

How do you explain surety bonding?

In its simplest form, a surety bond is a written agreement, often required by law, to guarantee performance or payment of another company's obligation under a separate contract or compliance with a law or regulation.

What are the surface coal mining operations?

Surface coal mining generally involves the following sequence of unit operations: (1) clearing the land of trees and vegetation, (2) removing and storing the top layers of the unconsolidated soil (topsoil), (3) drilling the hard strata over the coal seam, (4) fragmenting or blasting the hard strata with explosives, (5)

What does $1000 surety bond mean?

A surety bond is a legally binding agreement that guarantees performance, compliance or even payment. It is not considered insurance. The agreement is composed of three parties: the obligee entity requiring the bond, the principal individual applying for the bond and the surety entity who is issuing bond.

How much does a $40,000 surety bond cost?

Surety Bond Cost Table Surety Bond AmountYearly Premium Excellent Credit (675 and above)Average Credit (600-675) $40,000 Surety Bond $400 - $1,200 $1,200 - $2,000 $50,000 Surety Bond $500 - $1,500 $1,500 - $2,500 $75,000 Surety Bond $750 - $2,250 $2,250 - $3,7509 more rows

What is a surety bond in simple terms?

A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).

What are the requirements of the Surface Mining Control and Reclamation Act?

SMCRA requires that mining companies post a bond sufficient to cover the cost of reclaiming the site. This is meant to ensure that the mining site will be reclaimed even if the company goes out of business or fails to clean up the land for some other reason.

What does it mean to be bonded under a surety bond?

This bond acts as a financial guarantee to the obligee that you will fulfill specific obligations. If you fail to meet those obligations and cause financial harm, the surety will compensate the harmed party up to the full bond amount. You are then responsible for repaying the surety.

How much does a reclamation bond cost?

Reclamation bonds typically cost 1–5% of the bond amount and may require 100% collateral. Exact pricing and collateral requirements will vary based on the bond type, amount and the applicant's credit score.

For pdfFiller’s FAQs

What is SURFACE COAL MINING AND RECLAMATION OPERATIONS SURETY BOND?

A Surface Coal Mining and Reclamation Operations Surety Bond is a financial guarantee required by regulatory authorities to ensure that coal mining companies will fulfill their reclamation obligations after mining operations have ceased. It acts as a safeguard to cover the costs of restoring the mined land to its original condition.

Who is required to file SURFACE COAL MINING AND RECLAMATION OPERATIONS SURETY BOND?

Operators or companies engaged in surface coal mining activities are required to file a Surety Bond as part of their licensing and regulatory compliance processes.

How to fill out SURFACE COAL MINING AND RECLAMATION OPERATIONS SURETY BOND?

To fill out the Surety Bond, the operator must provide pertinent information including their name, address, the amount of the bond, details about the mining operation, and the terms of reclamation. This must be submitted along with any required signatures and notarizations.

What is the purpose of SURFACE COAL MINING AND RECLAMATION OPERATIONS SURETY BOND?

The purpose of the Surety Bond is to ensure that adequate funds are available for the reclamation of mined lands, thus protecting the environment and ensuring compliance with federal and state mining regulations.

What information must be reported on SURFACE COAL MINING AND RECLAMATION OPERATIONS SURETY BOND?

The information that must be reported includes the name and address of the operator, the type and scope of mining operations, the proposed reclamation plan, the bond amount, and any other requirements specified by the regulatory authority.