Maintenance Bond Coverage?

[apprentice35]

Do maintanence bonds cover repair items that would be known to the engineer and owner before final acceptance of the project was made. In other words, does the maintanence bond pay for repairs previously accepted by the owner.

[PT]

Do maintanence bonds cover repair items that would be known to the engineer and owner before final acceptance of the project was made. In other words, does the maintanence bond pay for repairs previously accepted by the owner.

The purpose of a maintenance bond is to assure the Obligee that the Principal will make whatever warranty repairs are required during the term of the bond. In the event the Principal does not make necessary repairs, the Obligee could file a claim against the bond. If they do - and Surety steps in to take care of the repairs - they will most definitely go back to the Principal to recoup damages.