Most common section bonds
Section 38 Agreement Bond (Highways Act 1980)
Section 278 Agreement Bond (Highways Act 1980)
Section 220 (APC) Agreement Bond (Highways Act 1980)
Section 98 Agreement Bond (Water Industry Act 1991)
Section 104 Agreement Bond (Water Industry Act 1991)
Section 185 Agreement Bond (Water Industry Act 1991)
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.
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.