Bonds

Defining the Bond Restoration Bonds are constructed for the benefit of Local Authorities, Commercial entities and Land Owners, the sole purpose of which are to guarantee these beneficiaries that land under their control will be restored back after a contractor has completed a job to an agreed upon standard (this will be specific and transparent…

The Environmental Protection Agency allows for the following Financial Provision instruments to satisfy their requirement that licensed operators must put an adequate financial provision for potential environmental liabilities that come about with; The closure and restoration/aftercare and Response to, and completion of remedial measures in the event of, an incident Per the EPA’s financial provision report;…

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What are they? Often a prerequisite step in the tendering process, bid bonds , usually an On-demand wordings are submitted with a tender in order to lock in a tenderers promise to begin a project.  Why are they used? They protect the project owners from having a Contractor win a Contract only to fail in…

Usually, this is required by companies operating in industries such as the importation and exportation of goods and services. It is especially relevant to such companies who import or export from outside the EU trade bloc. By arranging a duty deferment bond a company can defer their VAT and Duty liabilities to the Irish Revenue.…

Reinstatement bonds are required in conjunction with the need to decommission a site and reinstate it back to how it was initially handed over. They are requested by entities such as local councils, landowners, the Environmental Protection Agency and Local Government departments. The logic behind this form of bond is that it will inevitably cost…

Defining the Bond This bond is needed where a substantial down payment has been made to a supplier of goods or services prior to the work been carried out. In a lot of cases, it is used where a subcontractor needs advanced payment to purchase goods or services and the Contractor/Employer needs to secure the…

Bonded Warehouses Bonds to become a “Bonded Warehouse” To become a bonded warehouse in Ireland, it is necessary to secure a bond or guarantee. A bonded warehouse is a structure or area which has been deemed secured to the Revenues stringent rules. The Revenue will only allow it to become a “bonded warehouse” when a…

Defining the bond A Bond that is issued instead of capital, that a Sub Contractor would be contractually obliged to allow a Main Contractor hold as a retention in most cases up to a year. A retention bond in many cases goes hand in hand with a Performance bond. The performance bond will cover the…

Development bonds are needed by developers who as part of their planning permission need to put down a cash lump sum or an insurance bond (development bond). This bond is intended to satisfy the local council/planning authority that the developer will complete the works to the standard which is then “Taken in Charge”. These bonds…