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WHAT IS BDGG?
BDGG IS YOUR INDUSTRY’S INVITATION TO BE RID OF THE HEADACHES AND HASSLES EXPERIENCED WITH THE CURRENT AND TEDIOUS PROCESS OF BONDING OF SUBDIVISION STREETS AND ROADS. BDGG OFFERS A WELCOMED ALTERNATIVE TO CONVENTIONAL PERFORMANCE, PAYMENT AND STABILIZATION BONDING AND LETTER OF CREDIT AS A GUARANTEE OF COMPLETION OF SUBDIVISION STREETS AND ROADS, INCLUDING GRADING, PAVING, DRIVEWAYS, STORM DRAINS: AND SEDIMENT CONTROL AND STORMWATER MANAGEMENT. DGG-MC WAS ORGANIZED BY INDUSTRY PROFESSIONALS FOR INDUSTRY PROFESSIONALS. HOW DOES BDGG WORK
Once a builder/developer establishes membership in the Group, BDGG can then issue Certificates of Guaranty to that member in lieu of conventional bonds or letters of credit. Certificates of Guaranty meet County law and are accepted by the County and other agencies in place of the performance and payment bond. what do you get?
WHAT DOES IT COST TO BE A MEMBER of BDGG?
An initial application fee will be charged based on the Line of Credit established. The application fee is a one-time fee, unless an increase in the Line of Credit is desired at any time in the future. Upon approval of membership, participating builders will be required to post a modest Security Deposit, and thereafter to pay a nominal fee for each Certificate of Guaranty issued. Any income from the Security Deposit will be credited to the member. Both the Security Deposit and the fees charged for Certificates of Guaranty are very favorable, relative to today’s market. If the volume of activity of a builder/developer exceeds the originally established Line of Credit, that Line may be enlarged, subject to approval by the BDGG Board of Directors. This can be achieved through payment of an additional application fee, and the posting of additional security necessary to equal the established percentage of the enlarged Line of Credit. Certificate of Guaranty fees are additionally based on the dollar amount of the Guaranty being issued. Who can join?
Any builder or developer may apply for membership in BDGG. BDGG will not discriminate based on race, creed, color, sex, age or national origin. The builder or developer applying to become a member of BDGG must be a current member of MBIA to participate in this program. BDGG serves Montgomery County, Washington County, Prince George's County, Howard County, the cities of Gaithersburg and Rockville, the Town of Poolesville, Maryland National Capital Park and Planning, Maryland State Highway Administration and WSSC, State Highway and WSSC. rates and fees
SECURITY DEPOSIT : The Security Deposit is a refundable amount related to the Line of Credit desired by the member and approved by BDGG. Security Deposits may be provided to BDGG in cash which will be invested by BDGG in short-term investments with interest earned accruing to the member. Alternatively, the member may assign to BDGG certificates of deposit, letters of credit from a lending institution acceptable to the Board, or the Board of Directors may consider other forms of cash equivalent security on special request. The Security Deposit is the limit of exposure a member has with respect to a default by another member. OTHER The BDGG Board of Directors may, in its discretion, establish reasonable conditions and/or requirements relating to an individual application. APPLICATION FEE (One time only, unless Line of credit is increased): The fee structure for applications is based on a sliding scale relating to the total Line of Credit being established. A minimum Line of Credit of $100,000.00 for applicants. CERTIFICATE OF GUARANTY FEES: Fees for Certificates of Guaranty are based on the amount of the Guaranty and on the category of membership or a minimum of $50.00, whichever is greater. For specific fee information, contact Lisa Goheen Program Manager 301-776-6241 lgoheen@marylandbuilders.org BDGG
Builders' Development Guaranty Group CONTACT BDGG : If you are interested in receiving more information about the program offered through BDGG or if you would like to receive an application for membership please use the contact information below: Builders Development Guaranty Group 11825 W. Market Place Fulton, MD 20759 Lisa Goheen Program Manager 301-776-6241 lgoheen@marylandbuilders.org |