Section Bonds
Road and sewer bonds from the leading experts
Most common section bonds,
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Section 38 Agreement Bond (Highways Act 1980)
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Section 278 Agreement Bond (Highways Act 1980)
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Section 220 (APC) Agreement Bond (Highways Act 1980)
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Section 98 Agreement Bond (Water Industry Act 1991)
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Section 104 Agreement Bond (Water Industry Act 1991)
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Section 185 Agreement Bond (Water Industry Act 1991)
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Scottish Road Agreement Bond (Security for Private Road Works Regulations 1985)
What is a Section Bond?
Often referred to as Road and Sewer Bonds, it is a guarantee, on behalf of a property developer or house builder, to complete the roads and sewers for handover to the appropriate local authority or water company in line with the relevant Highways or Water Industry Acts referred to as Section 38 Road, Section 98 Water, Section 185 Water, Section 104 Sewer, Section 278 agreements and Section 278 APC (Advanced Payment Code) Bonds.
Surety Bonds for Infrastructure Agreements
Welcome to our comprehensive guide on section bonds required under various legislations. We specialise in providing section bonds to support the successful completion of infrastructure projects governed by the Highways Act 1980, Water Industry Act 1991, and the Security for Private Road Works Regulations 1985, Our range of Section bonds includes:
Section 38 Agreement Bond (Highways Act 1980)
A Section 38 Agreement Bond is required when a developer wishes to adopt a new highway. This bond ensures that the developer completes the necessary works in accordance with the agreement and that the local authority is protected against potential financial losses.
Section 278 Agreement Bond (Highways Act 1980)
When a developer proposes alterations to an existing highway, a Section 278 Agreement Bond is essential. This bond guarantees the completion of the agreed-upon alterations and safeguards the local authority's interests.
Section 220 (APC) Agreement Bond (Highways Act 1980)
Section 220 Agreement Bond is necessary for the construction of a private street. It ensures that the street is built to the required standards, and the bond serves as a financial guarantee for the local authority.
Section 98 Agreement Bond (Water Industry Act 1991)
For works related to water supply, a Section 98 Agreement Bond is required. This bond guarantees the completion of the agreed-upon works, protecting the water undertaker against potential financial losses.
Section 104 Agreement Bond (Water Industry Act 1991)
Section 104 Agreement Bond is essential for sewerage works. It ensures that the developer completes the sewerage works in accordance with the agreement, providing financial security for the water undertaker.
Section 185 Agreement Bond (Water Industry Act 1991)
When a developer needs to carry out works related to water supply or sewerage outside their property boundary, a Section 185 Agreement Bond is required. This bond guarantees the completion of the works as specified in the agreement.
Scottish Road Agreement Bond (Security for Private Road Works Regulations 1985)
In Scotland, the Security for Private Road Works Regulations 1985 necessitates the Scottish Road Agreement Bond. This bond ensures that the private road works are completed to the required standards, providing financial protection for relevant authorities.
Our commitment is to facilitate the successful completion of infrastructure projects by offering reliable surety bonds. We understand the intricacies of each Section bond, providing tailored solutions to meet the unique requirements of developers and authorities.
For inquiries and further information, please contact us. We are here to support your infrastructure project with the assurance and security that our surety bonds provide. Call now to speak to one of our specialist Bond Brokers – 02476 017646
Who Do We Work With?
We work with Developers and Housebuilders of all sizes from Private Individual to large multinationals. We have relationships with many local authorities and are able to liaise directly with them to expediate the process and complete the vast amount of paperwork often required.
How Can we Help?
We are able to source highly competitive quotations for your Road or Sewer Bond requirement from multiple providers ensuring all our clients receive the best possible terms. We have the widest market access ensuring we offer the best possible solution to your needs.
The placement of bonds and guarantees through the surety market, as alternatives to bank guarantees, can help companies by keeping bank facilities available to meet cash flow requirements.
Bonds and guarantees are written promises to pay for direct loss or damage suffered by a third party as a result of a breach of contract. Many types of bond or guarantee are available for almost any area of risk, subject to underlying security and the risk being acceptable to the guarantor.
Call now to speak to one of our specialist Bond Brokers – 02476 017646
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Other Bonds Commonly Requested Include:
Call now to speak to one of our specialist Bond Brokers – 02476 017646