The Monitoring Well Performance Bond is a requirement by the City of Portland before construction of a monitoring well can begin. In order for the installation or decommission of a monitoring well, a permit under the city code TRN-10.18 will be required. A $1,000 bonding limit is needed to guarantee permit obligations will be fulfilled to cover damages left after construction and guaranteeing that the water quality will not be affected.
The Monitoring Well Performance Bond is needed before a contractor can apply for the required permit. With Jet, this bond is available after purchase and only takes a few minutes to complete.
The cost for the $1,000 Monitoring Well Performance Bond is $100. Other companies may require a lengthy application and extensive private information to offer various rates, thus putting a hold on your required permit application. Not with Jet, our application is quick and our rate is guaranteed.
Jet cuts out middlemen such as agents and brokers who will only create added steps in order for you to obtain this bond. At Jet, we work directly with you to offer quick service.
The city requires the original bond form to be submitted along with the permit application as a prerequisite to work beginning. Jet will send the original signed and sealed bond form to the contractor for counter signature. The contractor will need to sign the bond form and send it to the following address with their permit application:
City of Portland
Bureau of Transportation Attn: UCI
1120 SW 5th Ave, Suite 1331
Portland, OR 97214
The City of Portland has an extensive groundwater protection program in place for protecting their water and underground structural systems. Because of this, the city requires the Monitoring Well Performance Bond, along with a permit, to be in place in order to ensure that the installation or decommission of monitoring wells is done correctly and up to regulation. The $1,000 bond is a financial guarantee if any unresolved damages to Portland’s underground water or structural systems exist. Should this occur, the City of Portland will require the Surety (Jet) to pay up to $1,000 to account for the fiscal damage.
The contractors working on the monitoring well need to follow the terms and conditions within the permit they receive from the City of Portland in order to avoid any issues. There are four areas of concern that can cause issues for the contractor:
The City of Portland can take action against the bond holder. Contractors are most likely given an opportunity to fix any mistake or damage that was made in order to avoid further disciplinary action. If the mistake or damage cannot be fixed, Portland can then take action against the surety bond to recover losses up to $1,000.
If the City of Portland receives no resolution from the monitoring well contractors following a violation of the permit, then the city may file a claim against the Monitoring Well Performance Bond directly to Jet. Jet will then proceed to investigate the validity of the claim, but considering these claims will only originate from a government agency, there may be little more than Jet can do but follow the city's orders and pay out the claim.
If the claim is valid, Jet will make a payment for the claim to not exceed the limit of the bond. Considering the City of Portland has no stated timeline for the handling of bond claims, Jet will then default to the defined standards set by the State of Oregon Department of Insurance. This will give Jet 30 days to pay after acceptance of the claim.
The contractor remains responsible for their actions and therefore must reimburse Jet for any claims paid. Failure to complete repayment to Jet will result in difficulties to obtain a surety bond for future work.
The contractor applying for the monitoring well performance project will need to provide some basic business information and project information to Jet along with the $75 payment. Once this has been completed, Jet will send the original bond to the address provided for filing purposes.
The Monitoring Well Performance Bond does not expire with Jet. The $75 Performance Bond will stay active for the entire duration of the permit. While other surety carriers will require renewal fees after a year, Jet only requires a one time payment of the premium so there is never a need to renew.
If for any reason the bond must be cancelled before permitted work begins, Jet can refund the $75 premium once the City of Portland provides a release of liability. Otherwise the bond premium will not be refunded.
Yes, the Oregon Contractor License Board requires all contractors to obtain a license bond as well as other possible bonds that you can find on the CCB website. If the monitoring well is being constructed in a right-of-way location, then contractors will be responsible for securing these permits and bonds before construction can begin.