Are you the developer of a housing tract or major commercial/industrial project? If so, you will need several different types of bonds for your project. These four bonds are the most commonly used.
For projects that include a subdivision of land, a Final Tract Map and a Subdivision Agreement, Improvement Securities (Faithful Performance, Labor & Material and Monument bonds) shall be submitted to the City to assure completion of the required public improvements by the developer. After the improvements have been completed, a Guarantee and Warranty bond (for guarantee and warranty of the associated public improvement for a period of one year) shall be submitted to the City and the public improvements will be formally accepted.