If you are looking to provide bonds for a project or tender that has Maintenance Bond requirements, you’ve come to the right place. We provide full contract bonding services to our clients for all types of contracts and projects. In order to obtain the ability to provide this bond, you’ll require what we call a Bond Facility. Learn more and apply below today!
Learn more about Maintenance Bonds
What is a Maintenance Bond?
A Maintenance Bond is a contract Surety document that guarantees the maintenance of a contract for faulty workmanship and defective materials after final acceptance of the performance of the contract between the principal contractor and Obligee / Owner. This bond is commonly required on commercial painting projects for example, and has a typical duration of 2 years, although other time frames can be arranged.
Why do I need a Maintenance Bond?
Maintenance Bonds are a kind of contract bond that are not commonly required by law, and thus, aren’t utilized as frequently as other construction bond types. They are required at the discretion of project owners who want to protect against defects on completed work for a specific time period.
How much does a Maintenance Bond cost?
The cost of a Maintenance Bond will vary depending on the rates of your Bond Facility and the size of the contract the bond is required for. Standard rates for Maintenance Bonds range from $1.50 – $15 per $1,000 of the contract price.
The ability to obtain any contract bonds (including a Maint. Bond), as stated above, is part of an annual subscription called a Bond Facility which is typically in the range of $1,500 – $5,000 per year.