For the designing, building and operation of the social housing development, a Certificate of Practical Completion marks the point at which the developer has completed contractual responsibilities and can release the works to the client. The developer then moves into the Operations phase, depending on the project this phase is typically 10 years or longer.
Structural Bonds are a form of Performance Bond following completion of a project. They provide security to the Approved Housing Association or the Local Authority for the ongoing running of the social housing units which has been constructed.
Why get an Operations and Structural Bond
- They secure the project owner, the Approved Housing Association or Local Authority, against the failure in operating the plant or facility to the standard or output agreed in the operations contract.
Information we need from you
- Request the Structural Bond Proposal.
- Last two years consolidated audited accounts
- Up-to-date management accounts.
- Details of banking and borrowing facilities.
Beneficiaries of a Structural Bond
- Social Housing Associations
- Local authorities
- Government bodies