11.90.052 Bonding.
A. Before a permit is issued, the applicant must deposit with the City a surety bond in the amount of one and one-half times the estimated cost of the construction activity, payable to the City. The required surety bond must be:
1. With a good and sufficient surety;
2. By a surety company authorized to transact business in Washington;
3. Satisfactory to the City in form and substance; and
4. Conditioned upon the permittee’s compliance with this chapter and further conditioned to fill up, restore, and place in good and safe condition as near as may be to its original condition, and to the satisfaction of the Director, all openings and excavations made in streets, and to maintain any street where excavation is made in as good condition for the period of 24 months after the work has been done, usual wear and tear excepted, as it was in before the work had been done.
B. If the permittee intends to conduct more than one permitted activity at the same time, the amount of the surety bond must be increased to the greater of:
1. The value of the three highest valued permitted activities; or
2. One and one-half times the estimated cost of the two highest valued permitted activities.
C. A permittee may keep a single bond of sufficient surety value, as required in this section, on file with the City for an extended period to satisfy the requirement of this section.
D. The Director may waive the bond requirement for a homeowner making sidewalk repairs as provided for in subsection 11.90.051D.
E. The Director may waive the bond requirement for public agencies acting within the scope of their authority or for work done under contract for the City of Vancouver.
F. In the event of any suit or claim against the City by reason of the negligence or default of the permittee, upon the City's giving written notice to the permittee of such suit or claim, any final judgment against the City requiring it to pay for such damage will be conclusive upon the permittee and his surety. (Ord. M-4026 §11, 2012)