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- What does a maintenance bond cost?
It is usually free for a one year bond. There is a small fee for a two year bond, but only if the bonding company wrote the initial performance bond. If it is a standalone maintenance bond, which usually relates to subdivision bonds, then there will be a charge for every year of the bond term. Fill out the application on our website and get an exact cost on a maintenance bond.
- Where can I find a maintenance bond form?
We have the industry standard bond forms on file. If a special bond form is required, you need to obtain it from the obligee.
- I need a performance bond as well. Is it a separate application?
No. Only one application is needed. Our contract applications are on our website and you can get approvals for maintenance and performance bonds online.
- Do you offer financing for maintenance bonds?
No. The bond must be paid in full. Most surety companies do not offer financing on bonds.
- Why do you look at my personal credit?
It is used as a guide to how you may handle future obligations. A bond is a form of credit provided to you by the surety company. Therefore, the surety reviews your credit history to assess your likelihood to cause bond claims and your ability to pay them.
- What is an average maintenance term length?
12, 18, or 24 months are the typical term lengths. Maintenance terms longer than 24 months are usually too lengthy for a surety to approve.
- How do claims occur?
If there are problems with your workmanship during the warranty period that goes uncorrected, a claim will be filed on the bond which you are responsible to reimburse.