Maintenance Bonds involve a guarantee or warranty for potential defects that may appear for a specific time period after completion of a bonded project. These bonds are most commonly sought after for contracts involving construction. This bond insures that the work done for the project under an issued building permit is in accordance with local, state, and/or federal standards and guidelines. In the advent of structural defects from the construction phase which resulted in losses, this bond provides owners a means of recourse.
Another aspect of maintenance bonds is overall bond cost reduction. This signifies that the cost of any performance bond within the same project will be reduced and, in some cases, quite substantially. While cost reduction is significant motivation for getting a maintenance bond they may be required in certain construction projects - but not all. Depending on the owner, and purpose and situation (government, commercial, residential) and again the nature of local, state and/or federal requirements, a maintenance bond may be optional.
The last essential detail of maintenance bonds is their limited application to the time frame set within the bond. Maintenance bonds carry no force after their expiration.
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