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 ?
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. We have our amendments to the North Central Texas Council of Government's specifications.
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.
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.
100% of awarded Contract Price, or less if applicable requirement or not for maintenance bond requirement for A.M.
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.
1 LS of excavation safety, 1 LS performance & payment bonds, 1 LS of 2 year maintenance bond, 10 SY of sidewalk repair, see linked file.
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