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Maintenance Surety Bonds are required to ensure that work and materials used on a project will be free of defects for a certain period of time after the project has been completed. The surety bond guarantees the Obligee is compensated for any damages due to these defects. This ensures contractors complete a project using skilled labor and quality materials and that the project will be built well enough to fulfil its intended use. Essentially, the bond protects the project owner from losing any money for having to repair any defects.
Construction contracts often stipulate maintenance periods where the contractor completing the project is responsible to repair any defects related to workmanship or materials for a certain period after the project is completed. Maintenance Surety Bonds are mostly used for construction on publicly owned projects. Although, some private project owners also require performance, payment, and maintenance bonds. The entity requiring the bond is called the Obligee. For public projects, the Obligee on the bond would be the state, city, county, or township, etc. You, the contractor, are the Principal on the bond. Most of the time surety bonds are required by law for construction projects that involve public funding.
Contact The ProSure Group! As surety bond experts in business since 1993, The ProSure Group has issued hundreds of Maintenance Bonds and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.