maintenance bond


Also found in: Financial.

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.
Reports on enrollment, maintenance bond, OSBA elections, ballot; review and approve policy updates.
87 billion school construction and maintenance bond, with some reluctance.
Given the size of the district's tax base and infrequent borrowing (voters had not been approached in roughly 30 years when the $450 million GO authorization in 2004 was presented and strongly approved), GO and tax maintenance bond programs have a relatively minor impact on the district's tax rate and debt ratios.
In a 5-0 vote, the selectmen approved a logging permit for 38 acres of Old Sturbridge Village-owned land on Stallion Hill Road, with the condition that the logging company pay a $5,000 road maintenance bond.
Supporters of Proposition BB, a school maintenance bond measure on Tuesday's ballot, will mount a radio blitz beginning today in an effort made possible by $95,000 raised last week.
GO and tax maintenance bond programs have a relatively minor impact on the tax rate and debt ratios, with no major near-term borrowing planned.
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