MAINTENANCE BONDS

This Contract Surety bond is provided by the contractor to the project’s owner, providing protections to the owner in the event that the contractor would fail to honor its maintenance provisions of the project.  The Maintenance Bond is normally issued at the end of the project and is a requirement of the contractor before the project’s owner will accept the project as fully completed.

This bond is typically provided for a percentage of the project’s final price, and the premium charge made for this bond depends on whether a Performance Bond had been issued for the project and on the length of time that this Maintenance Bond would remain in effect.