Greensboro Subdivision Bond

North Carolina City of Greensboro Subdivision Bond

In Greensboro, North Carolina, the Land Development Ordinance requires subdivision developers to obtain a Subdivision Bond, formerly known as a Land Improvement Bond, if seeking final plat approval prior to completing public improvements. For example, a subdivision plan may include sidewalks, traffic control devices, stormwater control systems, and easements that the developer is responsible to build. This surety bond serves as a means of financial guarantee for the City of Greensboro that all required improvements will be completed to the building quality standards of the Land Development Ordinance.

PURCHASE GREENSBORO SUBDIVISION BOND

Jet cuts out the middlemen agents and brokers who slow down the process and can cost you more in the form of fees and commissions. As a direct carrier, Jet will be your surety carrier throughout the project, and even help you defend against claims, should they arise.

How Is the Cost of the Bond Determined?

The cost of the bond is a small percentage of the bond penal sum or limit, which is an estimated value of the sum of all required improvements. This estimate must be approved by the City of Greensboro, along with the timeline for completion.

The personal credit and potentially the financial strength of the developer can factor into the eligibility and price of the bond. Once approved, the bond quote will be sent to you directly available for a secured purchase online.

At Jet, you can count on a smooth, efficient process that gets you back to your business ASAP.

Can Jet File the Subdivision Bond to the City of Greensboro for Me?

Yes, Jet can! Once you purchase your bond, Jet will immediately ship the original bond to City of Greensboro Engineering and Inspections for you. An electronic copy of the bond will immediately be emailed to you for your records as well.

If you would like the original bond mailed directly to your location, then you can select that option at checkout. Please note the bond must be filed with the city at the following address:

City of Greensboro
Engineering and Inspections
Attn: Mr. Tracy Peters
300 West Washington Street
Suite 322
Greensboro, NC 27401

Can I Cancel My Bond

Unfortunately, no. The Subdivision Bond is considered continuous until released after final inspection of improvements, and the bond cannot be cancelled at any time by the developer or Jet.

How Does a Developer Avoid Bond Claims?

In order to avoid a claim against the surety bond, developers need to comply with the Greensboro Land Development Ordinance and complete the public improvement elements of their approved subdivision plan, within the committed duration of the bond. This means that at the time of final inspection, three conditions must be met:

  1. Public improvement elements are completed
  2. Work is completed in accordance with the approved preliminary plan and the final map of the subdivision
  3. All work conforms to the construction standards of Article 13 of the Land Development Ordinance

Bond Claims may arise when a developer abandons the project, departs from the approved subdivision plan in their actual construction, does not meet subdivision construction standards, or does not complete the improvements within the agreed timeline. Thirty days prior to the end of the duration of the bond, the Engineering and Inspections will assess the completion of the public improvements. If not complete, the City of Greensboro will be required to complete (or repair) the project and may draw from the surety bond amount to pay for the work.

What Happens If I Get a Bond Claim?

If the City of Greensboro Engineering and Inspections Department finds that public improvements are incomplete, do not conform to the approved subdivision plan, or are inferior to the building industry standards, and the developer does not correct the fault, the city may process a claim directly with Jet. To assess the validity of the claim, Jet will investigate the circumstances, and defend you as much as possible.

If the claim is deemed valid, Jet must fulfill its surety obligation and pay the claim up to the total amount of the bond. It is important to note that the surety acts as a line of credit, and the developer (the “principal”) is responsible for their actions (or failed actions) and must reimburse Jet for the amount paid.

What Is the Purpose of the Greensboro Subdivision Bond?

The Subdivision Bond exists to provide a financial guarantee to the City of Greensboro that subdivisions will be built in accordance with the city’s approved plans, on time, and in accordance with the building standards. Jet ensures that funding is available, should the city need to finish public improvements for a subdivision that the developer has failed to complete. Also, the bond offers an advantage to developers allowing them to record their subdivision plat and receive certificates of occupancy prior to project completion, and protects consumers by guaranteeing the quality of their subdivision.

How Does the Application Process Work With Jet?

Jet streamlines the application process, so you can apply for your bond hassle-free by providing some basic information about your business. Once you provide this information, we will evaluate your application and quickly get back to you.

As bond limits become larger Jet may need the following additional information in order to provide your quote such as:

Once you pay your premium, your receipt and bond copy will be available to you.

PURCHASE GREENSBORO SUBDIVISION BOND

When Does the Subdivision Bond Obligation End?

The Subdivision Bond is considered continuous until all required public improvements for a subdivision are completed. Liability for the developer and surety will be released once a project has conducted a successful final inspection and received release from the City of Greensboro Engineering and Inspections Department.

Bonds are available from Jet in one and two year increments. The bond will need to be renewed if the project extends past the original purchase term.

Are There Other Bonds That a Developer Needs?

The State of North Carolina has various licensing requirements for contractors in the field, and developers should be aware of the licenses and associated surety bonds. Other North Carolina construction bonds can be found by clicking here.

North Carolina City of Greensboro Subdivision Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: