A development bond is provided by the developer to act as financial security to:
- cover incomplete development obligations in order to obtain early approval of the plan of survey or to commence the use;
- cover all development construction works during the maintenance period; or
- as security to ensure compliance with environment requirements and conditions of approval.
Bonds are held by Council for a specified period or until certain works are satisfactorily completed and the works are formally accepted by council.
Lodging a development bond
Details of the development bond is to be submitted on Council's development and planning bonds and contributions form along with payment.
A bond payment can be in the form of:
- bank cheque;
- crossed cheque; or
- bank guarantee
Lodgement can be made in person at one of Council's Customer Service Centres in Hervey Bay or Maryborough or via post to PO Box 1943, Hervey Bay Qld 4655.
A copy of the receipt must to obtained as proof of lodgement.
Bank guarantee requirements
Council’s wording requirements for all bank guarantees must:
- be irrevocable guarantees from a recognised trading bank (guarantees from finance companies and merchant banks are not acceptable);
- be open ended with no expiry date;
- be the original document (photocopies or facsimiles are not acceptable); and
- identify the land, the developer, the development and the purpose.
Bank guarantees are not transferable for other projects or purposes. Other forms of security, such as mortgages, holding titles to land, shares, insurance bonds, etc, will not be accepted.
For assistance in calculating or lodging a bond please contact the Development Engineering team on 1300 79 49 29.