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What is a council bond?

  • 16-08-2010 2:02pm
    #1
    BigGeorge
    Registered Users, Registered Users 2 Posts: 473 ✭✭


    We're starting an new build & the council want a 'bond' for a substantial sum of money. is this (1) a cheque for the amount in question or (2) a letter of credit / guarantee for the amount in questions

    It could even be something else...really not sure, advice appreciated


Comments

  • #2
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    Depends. Some councils look for deposit - This would be a cheque for the actual amount

    A bond should generally be a financial guarantee to a certain amount whether it be through an insurer or whatever.


  • #3
    archtech
    Registered Users, Registered Users 2 Posts: 1,046 ✭✭✭archtech


    Depending on the amount involved, it may be more cost beneficial to go the bond route rather than the cash deposit route.

    Getting money back from local authorities can worse than getting blood out of a turnip.


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