Maintenance bonds give project owners and contractors alike peace-of-mind throughout the construction process. Warranty and maintenance bonds are surety bonds that allow project owners to receive financial compensation from a surety when a contractor’s obligations do not meet the required standards. Maintenance bonds are specifically crafted to ensure that the construction of the project holds up for a particular length of time after the project is completed. Let’s check out the ways in which maintenance bonds ensure a better contracting process from start to finish.
Who Needs a Maintenance Bond?
Virtually every type of publicly-funded construction project requires a warranty or maintenance bond. Private owners use them at their own discretion when faulty craftsmanship is not an option. Maintenance bonds are most often used for construction projects, because the nature of construction requires things to be built to last. Construction contractors who acquire maintenance bond approval on their bids are more likely to reassure a prospective project manager and win the bid. Furthermore, many projects require contractors to have warranty and maintenance bonds secured before even making a bid.
Warranty and Maintenance Bonds
Though surety bonds such as maintenance bonds are not insurance, they do strongly reassure project managers that the contractor they are hiring will deliver a satisfactory effort. This is because the contractor is showing interest and confidence that the project will be done right. Not only that, but they’re backing up their work with an actual bond, putting their credit and name on the line. Confidence in a project is key to its success, and the increased peace-of-mind that a surety bond brings can go a long way in the construction field.
If you are a project manager or construction contractor, working with a reputable warranty bond service such as Viking Bond Service can help to ensure that the job is done right. As a contractor, chances are you’ll want to back up your work with the confidence of a surety bond. Those who wish to provide the highest level of construction contracting service need to have the backing of a superior surety service. Turn to the experts at Viking Bond Service for all your surety bond, warranty, or maintenance bond needs. For more advice on finding the right bond for your needs, to request a quote, or start an application, give us a call today at 1-888-278-7389.