Purpose

To seek the Cabinet Member’s approval to waive the requirement for a Guarantee Bond with regard to proposed works to be undertaken by Bolsover District Council under a Highways Act 1980, Section 38 and Section 278 Agreement.
 

Decision

The Cabinet Member approved to waive the requirement for a Guarantee Bond with regard to proposed works to be undertaken by Bolsover District Council under a Section 38 and Section 278 Agreement of the Highways Act 1980. 

Reasons for the decision

In this instance, as the developer was a local authority, the County Council was able to waive the requirement for a Guarantee Bond as the risks of default or financial insolvency were considered negligible.

Alternative options considered

Option 1: Bolsover District Council to have a Guarantee Bond, required under the Section 38 and Section 278 agreement - In this instance, as the developer was a local authority, the Council was able to waive the requirement for a Guarantee Bond as the risks of default or financial insolvency were considered negligible. This approach was not uncommon.