The Oregon Water Well Contractors Bond is required in the amount of $20,000. The bond states that the bondholder promises to comply with provisions of Oregon State Legislature 537.505 to 537.795. They shall also comply with the rules and standards of well construction, alteration, and abandonment, prescribed by the Water Resource Commission.
Who Needs a Water Well Contractors Bond?
Individuals who have applied to the Water Resources Commission for a Water Well Contractor’s License are required to be bonded. In addition, individuals must pass the Water Well Constructor examination. Eligible applicants must be 18 years or older, submit a completed application and pay the $20 exam fee. The Water Supply, Well Constructor Exam Study Packet will provide information as well as the contractor application.
What is the purpose of the Bond?
The Oregon Water Well Contractors Bond will cover construction, alteration, conversion, or abandonment for each well under the bond.
A surety bond is an agreement between three parties. The principal, the obligee and the surety company. The principal, in this case, is the water well contractor and the obligee is the Water Resource Department. The surety bond acts as an assurance that the principal will conduct their business while following the rules and regulations of the state. If there is any loss incurred due to the negligence or violation of the bond, the surety company will issue a payout to the aggrieved party. The principal will then pay back the company in full.
Where can I get an Oregon Water Well Contractors Bond?
Start the process with Surety1 by completing the online application form. After that, you will be provided with a no obligation quote on the bond premium. Next, we’ll have you remit payment and sign the agrrement. Your Oregon Water Well Contractors Bond will be sent to you by USPS Priority Mail. Over overnight delivery is available for an additional fee.
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