Surety Bonds Guarantee Bay Bridge Retrofit

Despite a setback in 2009 with a snapped steel crossbeam, the San Francisco-Oakland Bay Bridge is currently undergoing a seismic retrofit that’s on track to finish ahead of schedule.

Studies were held following the 1989 earthquake to determine the seismic safety of California’s bridges. The reports indicated the entire Bay Bridge required improvements: the West Span needed seismic retrofit work; the East Span necessitated an entire replacement of the existing span; and a one-mile stretch of highway on the West Approach to the bridge will be removed and replaced. This mega infrastructure upgrade is expected to cost $5.5 billion.

As with any high-cost government construction project, the Bay Bridge project required construction bonds to guarantee the work’s progress and funding.  These bonds are underwritten based on an organization’s work history, financial status, and business plans. The people of San Francisco are guaranteed by the surety that the company working on the bridge is going to get the job done.

Surety bonds help to uncover the best companies to complete the project, not only on time, but perhaps ahead of schedule as is predicted for the 2013 unveiling of the San Francisco Oakland Bay Bridge.

(photo credit: Sam Breach)