A road bond is a security that is held by us and can be used to complete a road if the developer has failed to comply with the road construction consent conditions or defaults in any way such as a company entering administration.
This is a statutory requirement of the Security for Private Road Works (Scotland) Regulations 1985.
The bond can be either a security from a bank or other security company, or the amount in cash, in the form of a cheque or bank transfer.
If the bond is in cash, then the money will be held in an account where it will gain interest.
The bond value can be lowered at stages as set in the Security for Private Road Works Regulations. When reaching these stages it is the responsibility of the developer to request that the bond be lowered.
We will calculate a revised bond value and inform the developer of the new revised value. If cash has been deposited as a bond then a cheque will be sent to the bond provider with the accrued interest.
Bonds will only be accepted in the council’s standard style. Email Roads and Transportation at rdsrcc@angus.gov.uk who will provide you with a bond template in our standard style. Contact details, including email addresses for yourself and your guarantor, are required.