MAINTENANCE BOND OVERVIEW:
A Maintenance Bond, also known as a warranty bond, guarantees to the project owner, that within a certain maintenance term after the project’s completion, there will be no faults in the structure. A maintenance bond guarantees for the quality of workmanship and the materials used. The maintenance bond that is purchased remains active only for a certain period of time, after which, any financial loss from defects or issues found with the contractor’s work will not be covered by the bond. If after the completion of a construction project, say a building, the client finds that the structural framework was not satisfactory, it could file a claim against the bond during the maintenance term. If the surety company finds the claim to be valid, it will compensate the obligee for any losses and damages incurred. In turn, the contractor must indemnify the surety for any compensation it makes to the obligee.
Application: Call underwriter for appropriate application at 1-818-715-7133
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