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 ?
A maintenance bond guarantees to the project owner that the contractor will meet this maintenance obligation.
The check or bond will be retained by the Town as liquidated damages if the successful bidder refuses or fails to enter into a Contract and Performance, Payment and Maintenance bond in accordance with his bid when notified of the award
Reports on enrollment, maintenance bond, OSBA elections, ballot; review and approve policy updates.
They must be bonded to work in the right of way, and if they are installing public walks, they must have a three-way contract with a two-year maintenance bond.
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.
Envelope should be plainly endorsed in the lower left hand corner for Park Square Improvements Attention of bidders is called to all of the requirements contained in this bid packet, particularly to the Davis-Bacon and Related Acts, Public Works Employment Verification, Section 3 of the Housing & Community Development Act, various insurance requirements, Central Contractors Registration, various equal opportunity provisions, the requirement for a payment bond and performance bond for 100% of the contract price and a one-year maintenance bond for 10% of the contract price.
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.
100% of awarded Contract Price, or less if applicable requirement or not for maintenance bond requirement for A.
The money for the bleachers came from savings left over from other projects - paid for by a 2008 maintenance bond - whose materials cost less because of the slumping economy.
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