A construction bond that guarantees the craftsmanship, upkeep, and protects the Obligee against defects after a project has been completed. If a maintenance bond is required, the obligation will typically be for one or two years upon completion of work (per the terms of the contract).
Contract bonds are underwritten on a project by project basis. The exact cost of your bond will be based off several factors:
- Required bond amount
- Approved Contract Terms
- Contractor’s (the principal) experience & work history
- Contractor’s credit score
- Contractor’s financial statements (if requested)