A Bond is a document with which one party promises to pay another within a specified amount of time. The term "demand" means that the principal plus any interest is due on demand by the bondholder rather than on a specific date. Bonds are used for many things, including borrowing money or guaranteeing payment of money. A bond can be given to secure performance of particular obligations, including the payment of money, or for purposes of indemnification. The validity of a "private" bond, payable upon demand, is determined by the same principles applicable to contracts generally. The purpose of the bond must not be contrary to public policy; it must be supported by a valuable consideration; and there must be a clear designation of the obligor and the obligee. A bond procured through fraud or duress may be unenforceable, but mistake on the part of the obligor as to the contents of a bond, or its legal effect, is not a defense to enforcement of the bond.
The tenant will receive a claim notification from MyBond which can then be approved or disputed. All bonds must be managed online through MyBond.These payments are known as outstanding bond payments. The RTA is running an outstanding bond payments campaign to reconnect people with any outstanding bond monies. Bond money is returned to tenants at the end of their tenancy unless the landlord has a reason to make a claim. Complete this form to register with MyBond as a Property Owner. This will allow you to lodge, claim and manage bonds for your properties. Explains rental bonds (security deposits) relating to residential renting in Tasmania. The Residential Tenancies Bond Authority (RTBA) is moving to a digital-only platform. All transactions will only be online.