Sub Division Bond

A Sub division bond is a contract bond used for a new project rather than an existing project. This could be either a residential or a governmental project. While a sub division bond is similar to a site improvement bond and it is very easy to confuse the two, there actually is one very evident difference between them.

A sub division bond is a contract bond used on a new project, one being built from the ground up, meaning one never having existed before the contractor began the project. A site improvement bond is a contract bond on an existing project, meaning a building or residence that existed before the contractor joined the project.

In all other ways, however, a sub division bond is very similar to a site improvement bond in that it would involve the three major parties. The project owner or manager, also known as the oblige, this is who is in charge of the project and who the bond is supposed to protect, usually the person who requests the bond, though, depending on the situation (if it is government contract) it may be required by law. The contractor, known as the principal, this is who would be paying for the bond; this is for the protection of both the contractor and the project owner/manager. The third party involved would be the surety company or underwriter. This is the person or company that would ensure that if the contractor somehow defaulted on how obligation on the project or did not complete the project to specification, then the project owner is not left without any legal options.

 


Application for


Current or expiring quote we are looking to beat:


Name of previous surety company writing to the bond:


Section I: Bond Applied for

Type of Bond

Effective Date

Expiration Date


Type of Company

CORP

LLC

DBA

Partnership

Bond Amount


(Obligee)


Obligee Address


Section II: General Information

Applicant's Name

Spouse Name


SS#

Spouse SS#

Home Phone


Residence Address

City

State

Zip


Status of Residency

Own

Rent

At Current Address Since


Date of Birth

Spouse Date of Birth

Business License Number


Business Name


Business Phone

Business Fax

Business Email


Business Address

City

State

Zip


Date Business BEGAN Under Present Individual or Firm Name

Business Tax ID


Has any company refused to issue bonds for any purpose?

Yes

No

Do you have any liens, claims or judgements against you?

Yes

No


Has applicant ever failed in business?

Yes

No

Has applicant filed bankruptcy in the last 10 years?

Yes

No


If yes, Chapter 7?

Yes

No

Chapter 11?

Yes

No

Chapter 13?

Yes

No


Date Filed for Bankruptcy?


Date of Discharge?


If yes to any, please explain:


Section III: Additional Parties

Name

Spouse Name


SS#

Spouse SS#

Home Phone


Home Address

City

State

Zip


Personal Financials

(if more than one owner, each has to fill out this app)

Statement of assets and liabilities as of


Assets Liabilities
Cash in Bank Notes Payable to Banks
Cash on Hand Notes to Others(excl. of equipment)
Stocks and Bonds Accounts Payable
Accounts Receivable Federal and State Income Tax Due
Notes Receivable All Other Taxes
Inventory Accruals, Payrolls, Etc.
Cash Value Life Insurance    
Equipment Due on Equipment
Real Estate Due on Real Estate
Other Assets Other Liabilities
    Surplus and Undivided Profits
    Capital Stock(if a corporation)
       
Total Assets Total Liabilities

Net Worth


Name of Owners

Name and Title of Officers

% of Ownership


Are you an insurance agent?

Yes

No

Agent License #

Agent State

Completion of this form constitutes permission for Cal Society Insurance Services to obtain customer information which will be used to determine bonding eligibility. This information will be held in the strictest confidence.