Virginia Bond to Secure against Defects in Construction
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How to fill out Bond To Secure Against Defects In Construction?
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FAQ
The Defect bond is to provide the City Protection against any defects in workmanship, design and construction. There are two types of Defect Bonds: Utility. Street and Drainage.
When a contractor fails to abide by any of the conditions of the contract, the surety and contractor are both held liable. The three main types of construction bonds are bid, performance, and payment.
A common example would be a roofing contract that requires a 20-year warranty. The contractor provides 24 months of maintenance on the labor and passes the remaining material warranty back to the manufacturer. There are also insurance companies that will provide long-term warranties for a premium.
A construction bond is a form of protection for the owner against non-payment, lack of performance, company default, and warranty issues. Construction bonds are also known as contract bonds, because they guarantee that the bond holder will fulfill the terms of the contract.
Performance bonds are a subset of contract bonds and guarantee that a contractor will fulfill the terms of the contract. If they fail to do so, the Surety company is responsible for completing the contract obligations, either by securing a new contractor to complete the job or by financial compensation.
A warranty bond is a financial guarantee made by a builder to protect the owner of a construction project from defects in materials or workmanship that might arise after the project is completed. A warranty bond is also sometimes called a maintenance bond.
The State of Virginia does not require contractors to obtain any form of liability insurance. Class A and B contractors will need to purchase and maintain a $50,000 contractor license surety bond.
Construction bonds, also known as contract bonds, are a type of surety bond that guarantees the payment, performance, or bid of a project. It ensures that the contract will be completed to the standards specified in the initial agreement when the bid is won.