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Development Agreement Surety Bond Policy Number:FINPOL202401Applies to:Development AgreementsApproval Date:February 5th, 2024Revision Date(s):N/A Council, approved by Council Resolution No. 0802024
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How to fill out development agreement surety bond

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How to fill out development agreement surety bond

01
Contact a surety bond provider to obtain the necessary bond form.
02
Fill in the required information on the bond form, including your personal and business information.
03
Provide any financial information or other documentation requested by the surety bond provider.
04
Sign the bond form and make any required payment to the surety bond provider.
05
Submit the completed bond form to the relevant parties involved in the development agreement.

Who needs development agreement surety bond?

01
Developers who are entering into a development agreement with a government entity or private landowner may be required to obtain a development agreement surety bond.
02
The bond acts as a guarantee that the developer will fulfill their obligations under the development agreement, such as completing the project in a timely manner and following all applicable regulations.
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A development agreement surety bond is a contractual agreement that ensures compliance with the terms of a development project, providing a financial guarantee that the developer will fulfill their obligations.
Typically, developers or contractors involved in a development project are required to file a development agreement surety bond as a condition of obtaining permits or approvals.
To fill out a development agreement surety bond, you should provide the required information such as the principal's name, the surety company's details, the amount of the bond, and specific terms related to the development agreement.
The purpose of a development agreement surety bond is to protect the interests of the public and local government by ensuring that the developer adheres to the project requirements and completes the work as promised.
Information that must be reported on a development agreement surety bond includes the names of the parties involved, the bond amount, a description of the project, and the specific obligations of the developer.
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