Travel Plan Bond definition
Travel Plan Bond means a bond entered into by the [Owner/Developer] with a surety which has been approved by the County Council in the sum of [amount in numbers and words] such sum being considered appropriate to ensure compliance with the terms of any travel plan which is approved in relation to the Development such bond to last for a period of [ten (10) years] to reduce by [20%] on approval of the Full Travel Plan and thereafter annually by [20%] subject to the approval by the County Council of the annual Monitoring Reports] [“Travel Plan Evaluation and Support Fee” means the sum of [sum (£X,XXX)] to be spent on the evaluation and support of the Full Travel Plan, including but not limited to the annual site visit, attendance at meetings with the Travel Plan Coordinator and assessment of the Travel Plan by the County Council for a period of [ten (10)] years ]
Travel Plan Bond means the bond in the sum of £40,000 to be provided for the duration of the Monitoring Period to secure the obligations in the Travel Plan;