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Shoring Bond- (Also known as a lateral support bond or a lateral excavation bond) A shoring bond is a bond that is required by a local municipality(city or county) when a contractor intends to dig or excavate land. Bond guarantees that as a result of the dig or excavation, properties adjacent to the site of the dig or excavation are not materially affected by the contractor's negligence.
- When requesting a shoring bond on an account that has already been previously submitted to the surety, among the most important information that needs to be provided to the surety are the following information:
- The Bond Request form – this will provide the surety with a basic overview of the current bond being requested.
- A copy of the bond requirement document. This document provided by the city/county to the contractor stating that a shoring bond needs to be in place and will also dictate the amount of the bond. Typically, the bond will be $25,000 or less.
- The obligee will usually have their own shoring bond form.
- Because the penal sum of a shoring bond is usually $25,000 or less, most sureties will require just the following additional information:
- Business financial statement if the principal is a corporation
- Personal financial statement for all the owners of the corporation.
- Current bank statements for both the corporation and the owner(s) of the corporation.