Section 38 agreements
Agreement bond
The developer will be required to deposit an institution-backed surety bond or cash deposit with St Helens Borough Council to cover the cost of the highway works. This bond ensures that the council does not incur any costs if the highway works are stalled, changed or aborted by the developer.
The council will provide the bond figure upon completion of the technical approval process.
The works detailed within the Section 38 agreement will be staged and, following completion of each stage, the developer will receive the relevant certificate and there will be a reduction in the value of the surety's bond obligation.
Agreement Reduction Stages
Agreement Reduction Stages | Bond or Surety Value |
---|---|
Commencement of Works | 100% |
Part 1 Certificate | 50% |
Part 2 Certificate (Maintenance) | 25% |
Final Certificate | 0% |