maintenance bond

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maintenance bond

A bond that provides a guarantee to an owner that the contractor will rectify defects in workmanship or materials reported to the contractor within a specified time period following final acceptance of the work under contract.
References in periodicals archive ?
Performance Payment and Maintenance Bonds (required with the contract) 100% of awarded Contract Price, or less if applicable requirement or not for maintenance bond requirement for A.
There's a lot wrong with this picture, beginning with the banks and mortgage companies, who have no business passing on the cost of maintenance bonds.
Bonds can include bid, labor and material, performance, and maintenance bonds.
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