Maintenance Bond
Maintenance bond is a type of bond assuring the owner against shortcomings for a specified time period following the completion of a contract.This type of bond is commonly used in situations involving construction projects, and provides owners with some avenue of recourse if losses are incurred due to faults in materials, workmanship and design that could arise later.
A maintenance bond is not technically insurance, but basically functions as an insurance policy on a construction project to make sure a contractor will either correct any defects that arise or that the owner is compensated for those defects.The bond also ensures that the work done under the auspices of the building permit issued by the local government will meet local building codes and standards.
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