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What is a surety bond?

Surety bonds are a form of guarantee which promises to pay compensation to one party of a tri-partite agreement in the event that another party fails to perform in accordance with the terms of the agreement.

For roads and footpaths a Section 38 (Highways Act 1980) Agreement will be in place and the developer, the local authority and the surety provider will all be named parties to the agreement.

For sewers a Section 104 (Water Industry Act 1991) Agreement will be in place and the developer, water company and surety provider will all be named parties.