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.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
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. We have our amendments to the North Central Texas Council of Government's specifications.
Maintenance Bond: It is a guarantee given by the contractor agreeing to maintain the machinery or plant of the owner for a period of usually one year.
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. Michael Barry, representing Bay State Forestry Service, said that OSV just completed a forest stewardship plan.
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.
Northeast was directed by the board to carry adequate liability insurance, to post an annual maintenance bond of $500, to post a bond for removal costs and to submit annual certification demonstrating compliance with the standards of the Federal Communications Commission, the Federal Aviation Administration and the American National Standards Institute.
Budget hearing followed by maintenance bond projects and review of Oregon School Boards Association policy updates.
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