Maintenance Bond
What is a Maintenance Bond?
A Maintenance Bond is a type of Contract bond that covers potential defects in workmanship and materials for a specific period after a project’s completion.
Protects project owners from financial losses due to post-completion issues arising from poor workmanship or defective materials.
To provide assurance that the contractor stands behind their work and will address any defects during the maintenance period.
Contractor’s financial and credit history, project details, and maintenance period.
sually a percentage of the contract amount, typically ranging from 1-3%, depending on the contractor’s creditworthiness and project specifics.
