Minnesota Bond to Secure against Defects in Construction

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US-1007BG
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Description

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.
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FAQ

A maintenance bond is a type of surety bond used by contractors. Under the terms of a maintenance bond, the contractor of a construction project is the principal who purchases the bond, and the client (or owner) of the project for which the contractor was hired to work on is the party that is protected by the bond.

Maintenance bonds show construction project owners that the contractor is dedicated to the quality of their work. A maintenance bond guarantees to the owner that the contractor will remedy any problems that occur during a specified time period, like design flaws, worker mistakes, and any other issues that may arise.

For example: After a month of moving in, the Obligee discovers a defect in construction (specification issues or material deficiencies) and will cost a huge amount of dollars and expenses for repair and renovation. The Surety Company steps in for financial backup and pays those fees instead.

The important terms (?material terms? such as price) must be agreed upon and there must be an exchange of ?consideration? (money or promises). If you have these basic things, you probably have a valid oral contract. If not, there would be no contract at all.

A performance bond ensures a contractor completes all aspects of a previously agreed upon work project, while the maintenance bond may cover the mechanical equipment related to the contractor's project.

What is a Bond maintenance period? A maintenance bond is a type of surety that protects the owner from faults and defects in workmanship, materials, or design. This can happen as long as one year after construction has been completed if done incorrectly.

1 year ? general workmanship and materials. 2 years ? electric, plumbing, HVAC, etc. 10 years ? "major construction defects? If these 1, 2, and 10 year time periods expire without a defect manifesting, "327A? claims will be forever time-barred.

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Minnesota Bond to Secure against Defects in Construction