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Subdivision Bonds — Part 4
Suretyship is one of the oldest professions in the world, but few are familiar with the industry. In a way, a surety bond is similar to having a co-signer for an obligation. It is viewed as an extension of credit. If the developer of a project fails to build what is...
Subdivision Bonds — Part 3
A partial list of types of construction work that are covered by the Subdivision Surety Bond have to do with the site work: Grading, Roads, Sidewalks/curbs, Water connections, Sewer utilities, Electric utilities, Street lights, Drainage, Retention ponds, Landscaping,...
Subdivision Bonds — Part 2
Subdivision bonds, a type of surety bond, are currently in demand as housing prices continue to rise and developers look to build homes and housing developments. Builders purchase raw land for the project and depending on which governmental entity — states, counties,...
Subdivision Bonds — Part 1
A land subdivision is when a developer takes a piece of raw land with nothing on it, and divides it into smaller pieces or lots, presumably to build homes. The lots can become other things, but typically it is intended for homes. Let's say you have a one-acre piece of...
Bonding Agencies and What to Look For [VIDEO]
What is the most important characteristic to look for in a bonding agency? In my opinion, attention to detail. Having to go back and reserve the liens because someone was careless is a waste of your time, money, and effort. Neil Pedersen PEDERSEN & SONS SURETY...
30th Anniversary [VIDEO]
In February 2022, Pedersen and Sons Bonding Agency celebrated 30 years of service to our clients. We love what we do and look forward to the next 30 years, adding value to our clients by providing the expertise they need when it comes to a bonding situation. Neil...
When Are Appeal Bonds Filed and Stays Go Into Effect
A question that is often asked: When are appeal bonds filed and when does the stay go into effect? In various state courts, there are different rules and requirements. In this article, we're going to talk about New York, New Jersey, and the Federal courts to keep...
The Site Improvement Bond
Today, I would like to discuss what are commonly referred to as Site Improvement bonds. Sites that are being developed by a real estate entity, especially those that need to be hooked up to either the electric grid or the water system of a municipality, or a new...
Undertakings on Appeal in California for What is Commonly Referred to as Costs
In the Superior Courts of the state of California, various counties of those courts require undertakings for specific section codes pending appeal or pending a determination of a specific item pending appeal. In these courts, there are a lot of obscure and various...
The Public Official Bond
Various individuals employed by the government come into contact with paying out and receiving funds related to a budget. Individuals such as this, in a quasi-public/private capacity, need to have what's called a Public Official Bond. The Public Official Bond...