Description: Road and Sewer Bonds | Are you looking for a Road and Sewer Bond Specialist? Choose Nationwide Sureties. We can answer all your questions.
Road & Sewer Bonds or Section Agreements are Highways & Sewer Bonds that are required by Local Authority and Water Authority (including the Scottish Irish equivalents) they are to cover the Council or Water Authority if they need to construct/repair the Road or Sewer if the developer fails to do so to their standards. They usually have a value equivalent to the costs of the works determined by the Local Authority or Water Authority concerned. In some cases, the Local Authority (Council) ask for a higher per
The Section Agreement is put in place between the Developer and the Council or relative Water Authority to ensure the satisfactory completion prior to the adoption of a new road or sewer system on a development. The developer agrees to Bond or place cash collateral to the value of the Road or Sewer Works and covers that roadway or sewer until the end of the Making Good of Defects period. At which point the road or sewer should be adopted by the relevant authority. The Bond risk ceases at this point.
Provide us the details of the Contract which is the subject of the Road or Sewer Bond requirement, including Bond amount and period for which it will be required, together with a completed application form plus: