If you’re a property developer or builder embarking on a new development, the relevant authorities, often the municipality or local authority, may require you to provide bonds that serve as a guarantee that you’ll complete the necessary infrastructure, especially concerning roads and sewers.
HERE’S HOW IT WORKS
Infrastructure Bonds: These bonds ensure that the roads and sewers associated with your development meet the required standards. They also specify a defined timeframe for completion.
Condition for Development Permission: When you receive permission for development, the planning authority may attach a condition. This condition requires either a cash lodgement or a surety bond to be set aside. If additional work becomes necessary due to a developer or contractor failing to meet the required standard, the bond will cover those costs. This condition is known as the “Taken in Charge Standard.”
Policy and Completion: Development Bonds ensure that the planning conditions specific to your project are met. The council or local authority typically maintains these bonds until the development is completed to the satisfaction of the planning authority, as per the planning conditions.
BBi Ireland – The Ideal Partner for Bonds
Quality Options: We partner with experienced, approved insurers specialising in development and surety bonds.
Efficient Service: Expect a swift response once all necessary information is provided.
Proven Expertise: Our understanding of various contract types and requirements means we’re well-prepared to handle anything from local government contracts to standard building projects.
Why Trust BBi with Your Bond Needs?
Market Insight: We leverage our market understanding and your specific business needs to find the optimal bond solution.
Internal Financial Expertise: Our team is equipped with the specialised financial knowledge re-quired to assess your requirements.
Client-Focused Support: With various options at hand, we guide you in selecting the bond provider that best fits your needs.
Safeguard your developments or contracts and ensure your projects proceed without a hitch.
Call BBi Ireland on +353 49 433 1038 to get started today or visit bbiireland.ie to find out more. Berns Brett Ireland Ltd t/a BBi Ireland is regulated by the Central Bank of Ireland. Registered office: 7 Townhall Place, Townhall Street, Cavan.