Thruway Authority bond cost
Surety Bonds offers New York Thruway authority bonds for different costs depending on each applicant’s individual credit report. Even though this bond is subject to underwriting, our team of surety experts will work hard to get you the best price possible for your unique credit situation.
The bond amount that needs to be posted will vary for each principal. The amount must be equal to at least 3 months’ billings for all charges related to travel on the Thruway or as determined by the Authority.
Why this bond
Posting a State Thruway Authority surety bond in New York is an important step in the process of pursuing a Credit Agreement with the state of New York. The State Thruway Authority requires this bond to ensure that all toll trips, monthly E-ZPass Tag fees, special hauling permit fees and any other fees affiliated with traveling on the Thruway are paid in a professional and timely manner.
Principals are responsible for paying all required fees no later than 30 days after the date of an invoice. If the principal fails to submit all payments in the allotted time, the State Thruway Authority will not face any financial loses due to posting of a surety bond. The Authority has the power to increase the required bond amount at any time if they feel it is necessary for the principal. The principal is then responsible for reimbursing the surety in a timely manner.
Thruway Authority bond details
New York state thruway authority bonds run continuously in full force and virtue during the full term of the bond. If the principal or the surety choose to terminate the bond early, a 60-day written notice prior to cancellation is required to be submitted to the Office of Investments and Asset Management. The obligee is the New York State Thruway Authority.
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