Is this renovation bond excessive?

Hi Flat chatters,

NSW. With the the new laws, came the three tiered types of renovations: Cosmetic, Minor and Major. Our building decided to pass their own versions of the new renovations bylaws. With the Major renovations the OC have included a $10,000 bond. This seemed steep to me. What regulations protect the owner and their bond? If any? When we did our last renovation it was a $2,000.00 bond. Does any one know about bonds? Should they be minuted?

Cheers

Whoopi