SuretyBonds.com is legally licensed to issue maintenance bonds nationwide. Whether you're a contractor in Pennsylvania, Texas, Florida or Arizona, we can help!
Maintenance bonds are a type of construction (or contract) bond, however they usually aren't required by law and thus aren't utilized as frequently as other construction bond types. These bonds are required at the discretion of project owners who want to protect against defects for a specific time period following a project's completion. Don't worry if you don't know much about maintenance bonds, though. The surety experts at SuretyBonds.com know bonding can can be confusing, so we've developed this guide to help you on your way.
To qualify for our construction bonding program, applicants must have a credit score at or above 700.
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Your exact surety bond cost will depend on how much coverage you need combined with your personal application. Factors that will affect your surety premium include:
- the size of the job at hand and its contractual terms
- the amount of bonding coverage required
- the principal contractor's time in business and work record
- the principal contractor's credit score
- the principal contractor's other financial credentials
The higher your credit score and the stronger your financial credentials, the lower your rate will be. Find out what you'll pay by contacting us today!
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At SuretyBonds.com, we know getting a contract bond can be stressful and time consuming. Don't worry, we're here to help. Rest assured knowing SuretyBonds.com can issue these bonds in as little as 2-3 days. Your account manager will walk you through every step of the application, and we even offer overnight shipping in case you're in a rush. Speed up the process by applying now!
- The obligee is the project owner requiring the bond to ensure the quality of work done is maintained for a specific period of time.
- The principal is the contractor who purchases the bond as a guarantee that the project will be maintained.
- The surety is the underwriter that issues the bond, thus guaranteeing that the project quality will be satisfactory.
Maintenance bonds protect against:
- design defects
- workmanship faults
- other resulting problems
Maintenance bonds are only valid for a limited time and only protect against problems that emerge during that time. If a problem arises during the term as outlined in the bond, the obligee can file a claim against the bond. If the claim is valid, the surety will make sure the problem is remedied or else pay appropriate financial compensation up to the bond amount.