A maintenance bond is a contractual agreement between a contractor and a project owner, designed to address any defects that may arise. It stipulates that the contractor will correct any defects, or that the owner will be compensated for those defects.
As the principal or owner of a project, you can have the reassurance of being protected by Surety Bonds if a contractor defaults.
A range of contract and commercial bonds are managed by Vero for construction contract bonding in Australia and New Zealand.
Surety bonds are designed for:
- general builders
- civil, heavy and specialist engineering
- manufacturing, and
The range of contract and commercial bonds available include:
- performance bonds
- maintenance bonds
- bid bonds
- retention bonds
- advance payment bonds, and
- off-site materials bonds.
For further information on Surety Bonds please contact Vero on one of the following: