Apply For Subdivision & Site-Improvement Bonds
A subdivision or site-improvement bond is a type of performance bond that serves as a protection to both the project owner and the financial institution involved in the agreement. This bond guarantees the completion of improvements instead of the fulfillment of a contractor like other performance bonds often do.
If you’re an experienced contractor or developer looking to apply for a subdivision bond, you can use this subdivision bond application to get started.
Subdivision and Site-Improvement Application
- The first step in the subdivision bond application process is to complete all of the following applications:
- New clients must fill out the Subdivision Data Sheet. This sheet provides us with information on you as a developer as well as any indemnitor’s information.
- You must also fill out the Subdivision Bond Request, which should include an assurance letter from the construction lender or fund control facility, the engineer’s estimate of costs to complete offsite improvements, and the required bond forms if you want to speed up the underwriting and approval process.
- You must provide a Personal Financial Statement for each owner from your company.
- You must provide a Credit Release Form for each owner from your company.
- Attach a blank copy of the bond.
- Attach business financials for the most recent fiscal year end.
- Attach the engineer's estimate.
- Attach the municipality resolution approving the project.
- Please fax all required forms to (215) 766-1225.
The more information you can provide on the subdivision bond application, the easier it will be to move through the bond approval process.
Subdivision bonds can be complex because they come with dual obligees—the project owner and the financial institution—and as a result, a higher risk. However, these bonds ultimately serve a public need and our team is happy to be part of the process. If you have questions when filling out your subdivision bond application, please contact us.