Maintenance/Guarantee/Warranty Bonds are bonds that guarantee that work performed, per the contract, remains in working order for a set and appropriate period of time. These bonds can either be a stand-alone bond or accompany Performance and Payment Bonds. All three of these bonds provide the same protection, the name of the bond is outlined in the contract (i.e. Maintenance Bond, Guarantee Bond or Warranty Bond). Also, at times you may find that some carriers will require that the job be completed and accepted prior to the issuance of a stand-alone Maintenance/Guarantee/Warranty bond.
What do you have to do to get a Maintenance Bond?
These bonds typically require an application as well as some other underwriting information. There are programs to secure these bonds that require very little underwriting and others that require more. Most of this depends on the contract, size, and scope of the work being performed.
Construction Bonding Specialists, LLC can help you determine the best avenue to take to secure the Maintenance/Guarantee/Warranty Bond that you need. Being that these bonds oftentimes go hand and hand with Performance and Payment Bonds it is good to address them when bidding on a project.