twitterlinkedinfacebookemailaddarrow-downarrow-outlinearrow-outline-downarrow-outline-leftarrow-outline-uparrow-upclosedownloadformat-pdfhelpinfoinfo-outlinelink-external-outlinemenusearchsource-handshakesource-klsource-web

A bond to provide funds for maintenance and repair of equipment or a facility. Maintenance bonds are used in connection with construction contracts to ensure that a construction contractor will repair mistakes and defects after completion of construction. The retention bond may be used in lieu, leaving a portion of the contract price on deposit with the project company to ensure performance.

There is currently no content classified with this term.