A Bond guaranteeing against defects in workmanship or materials for a stated time after the acceptance of the completed work. Two years is a common term for a construction bond.
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Guarantees that faulty work or defective materials charged to the bond principals will be corrected or replaced. A maintenance bond may be included among the terms of a performance bond.
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UK: Performance bond under which the surety guarantees that the contractor will fulfil his obligations during the maintenance period that follows completion.