Precedent bond agreement
Precedent bond agreement

The following Planning precedent provides comprehensive and up to date legal information covering:

  • Precedent bond agreement

DATE [insert date]

Parties

  1. 1

    [insert name] of [insert address] [incorporated in England and Wales with company registration number [insert number]] (the ‘Surety’)

  1. 2

    [insert name] of [insert address] (the ‘Council’)

    1. 1

      Definitions

      1980 Act

      1. the Highways Act 1980

      Bond

      1. this bond agreement in the amount of the Bond Sum

      Bond Sum

      1. the sum of [insert bond sum specified in the Highway Agreement or agreed with the Council]

      Default Notice

      1. a written notice served by the Council on the Surety under clause 5.2 of this Bond certifying that the Developer has failed to carry out and/or complete the Works in accordance with the terms of the Highway Agreement, and specifying the sum of money that is, in the [Proper Officer’s] opinion, required to carry out and complete the Works in accordance with the terms of the Highways Agreement and/or to remedy any defects or default of the Developer in the carrying out and completion of those works

      Developer

      1. [insert name of Developer]

      Highway Agreement

      1. the agreement between the Developer[, [insert any other parties]] and the Council, dated [insert date], pursuant to section [278 OR 38] of the 1980 Act

      Working Day

      1. any day other than Saturday, Sunday and any bank or public holiday

    1. 2

      Interpretation

      1. 2.1

        Words importing the singular meaning where the context so admits include the plural meaning and vice versa.

      1. 2.2

        Capitalised terms in this Bond have the same meaning as in the Highway

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