Also known as a warranty bond, you need to obtain a bond for performing work on public projects.
If your workmanship is not free of defects for the specified period of time after it is completed, a claim can be filed on your bond.
Yes, they are the same bond type; they are simply different names used to refer to this type of bond.
We have the industry standard bond forms on file. If a special bond form is required, you need to obtain it from the obligee.
No. Only one application is needed. Our contract applications are on our website and you can get approvals for maintenance and performance bonds online.
No. The bond must be paid in full. Most surety companies do not offer financing on bonds.
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.
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.
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.
