Maintenance bond

Maintenance bond,

Definition of Maintenance bond:

  1. A surety bond is a three-way contract where a third party called the surety guarantees the contractual obligations of one party (the principal) to another party (the obligee) by agreeing to pay a sum to the obligee as compensation if the principal does not fulfill its obligations. The surety assures the obligee that the principal will perform the required tasks. A maintenance bond is a type of surety bond used by contractors.

  2. A maintenance bond is a type of surety bond purchased by a contractor that protects the owner of a completed construction project for a specified time period against defects and faults in materials, workmanship, and design that could arise later if the project was done incorrectly. However, pricing a maintenance bond is very different from pricing regular coupon paying bonds.

  3. Legally enforceable written agreement whereby a contractor or craftsman guarantees against defects in workmanship and/or materials for a certain period after completion of a contract or job.

How to use Maintenance bond in a sentence?

  1. Contractors purchase a maintenance bond, while the owner or client of the project is the protected party. .
  2. The type of surety bond that helps protect the owner of a construction project against defaults and faults is called a maintenance bond. .
  3. These types of bonds are required on most public and state construction projects. .
  4. Maintenance bonds are only active for a certain period and are not technically insurance. .

Meaning of Maintenance bond & Maintenance bond Definition

Maintenance Bond,

Definition of Maintenance Bond:

Maintenance Bond means, This warranty guarantees that any misconduct or material received from the warranty officer will be repaired or replaced. Maintenance guarantees may be a guarantee of performance.

Literal Meanings of Maintenance Bond

Maintenance:

Sentences of Maintenance
  1. Opportunity to study for fees and paid allowances

  2. Therefore, I am referring to the barracks and the old general rules of maintenance and ownership.

Synonyms of Maintenance

continuity, continuance, keeping up, prolongation, life support, conservation, feeding, preservation, nurture, carrying on, perpetuation, continuation

Bond:

Meanings of Bond:
  1. Relationships between people or groups based on shared feelings, interests or experiences.

  2. A contact between two surfaces or objects that is joined by a special adhesive, heat or pressure.

  3. Agreement with the power of law.

  4. The model in which bricks are placed to guarantee the strength of the resulting structure.

  5. Summary for Bond Paper

  6. Secure the attachment or bonding to something else, especially using adhesive, heat or pressure.

  7. Connect or connect with chemical bonds

  8. Stack them (stones) in an overlapping pattern to form a strong structure.

  9. Storage (taxable goods)

Sentences of Bond
  1. There is a link between them

  2. There is no effective relationship between concrete and steel

  3. Marriage as a legal bond may be old, but I doubt it.

  4. Link in English

  5. Press content to join layers

  6. Neutral molecules are attached to the central nucleus

Synonyms of Bond

coalition, pledge, secure, word, attach, paste, oath, word of honour, association, alliance, promise, fix, gum, affiliation, relationship, assurance, solder, affix, fellowship, avowal, fasten, friendship, cement, join, weld, guarantee