Maintenance Bond definition

Maintenance Bond. A bond executed by a corporate surety for 10% of the Contract Price that complies with all Texas Laws, including but not limited to, Chapter 3503 of the Texas Insurance Code, guaranteeing the prompt, full and faithful performance of the general guaranty and warranty contained in the Contract Documents, and Texas Law. Project: The total construction of the work described in the Contract Documents performed by the Contractor, Other Contractor or the Owner in whole or part. Proposal: The written statement or statements duly submitted to the OWNER by the person, persons, partnership, company, firm, association or corporation proposing to do the Work contemplated, including the approved form on which the formal bids for the Work are to be proposed. Plan, or Plans: The plans are the drawings or reproductions therefrom made by the Owner or Owner’s Representative and approved by the Owner showing the dimensions, location, design and position of the various elements of the Project and Work, including plans, elevations, sections, details, schedules, diagrams, working drawings, preliminary drawings, and such supplemental drawings as the Owner may issue to clarify other drawings or for the purpose of showing changes in the Contract Work authorized by the Owner, or for showing details not shown therein.

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Maintenance Bond means a bond issued by a surety company licensed to operate in the Province of Ontario to guarantee against any possible defects (on contractor work) after the completion of a contract for a specified period of time.

Maintenance Bond means a bond furnished by the Developer and written by a corporate body qualified to write surety in the State of Washington, guaranteeing that the Developer will repair any defects found in the work within the time period as further identified herein.

Examples of Maintenance Bond in a sentence

Upon expiration of the one (1) year correction period, the City shall release the Performance and Maintenance Bond, if applicable, less any amounts reasonably necessary to remedy any of the General Contractor’s performance and/or maintenance obligations under this Agreement that may still be outstanding at the time.
The developer shall provide a two-year warranty as per the Maintenance Bond requirements in Chapter 3 for all improvements required by the subdivision/development acceptance in conformance with Article 9 of the City Subdivision Regulations.
The Maintenance Bond amount shall be in the amount of 50% of the cost of the Work extending beyond the two-year period.
If the City deems a Maintenance Bond is necessary, prior to acceptance of the Work, Contractor shall provide a maintenance bond in a form acceptable to the City Attorney and in an amount equal to 50% of the cost of the Work as approved by the City, which shall be in effect for a term of two (2) years from the date that the City issues a certificate of substantial completion for such work covered by the bond, conditioned upon the faithful performance of the provisions, terms and conditions of this contract.
The developer shall provide a two-year warranty as per the Maintenance Bond requirements in Chapter 2, Section 2.4.2 (Construction Within Right-of-Way) for all improvements required by the subdivision/development acceptance in conformance with Article 9 of the City Subdivision Regulations.

More Definitions of Maintenance Bond

Maintenance Bond. The successful Vendor shall provide a two (2) year maintenance bond covering the roofing system. The maintenance bond must be issued and received by the ▇▇▇▇▇▇▇▇ University Office of Purchasing Office prior to Contract award. LICENSE(S) / CERTIFICATIONS / PERMITS: In addition to anything required under the Section entitled Licensing, of the General Terms and Conditions, the Vendor shall furnish proof of the following licenses, certifications, and/or permits prior to Contract award, in a form acceptable to the University.

Maintenance Bond means a bond furnished by the Owner and written by a corporate body qualified to write surety in the State of Washington, guaranteeing that the Owner will repair any defects found in the work within the time period as further identified herein, in a form as approved by the Town.

Maintenance Bond means a maintenance bond substantially in the form of Exhibit JJ or such other form of maintenance bond approved by the Finance Director, with a surety company approved by the Finance Director in its reasonable discretion and qualified to do business in the State of Connecticut, as surety, or such other form of security approved by the Finance Director (which may take the form of a guaranty in form and content and from a guarantor which have been approved by the Finance Director), such approvals not to be unreasonably withheld, conditioned or delayed.

Maintenance Bond means a bond furnished by the Developer and written by a corporate body qualified to write surety in the State of Washington, guaranteeing that the Developer will repair

Maintenance Bond means an agreement in the form of a surety bond by a subdivider, or developer with the City, for the amount so determined by the City to assure that public roads and facilities are maintained between time of completion by developer and formal acceptance of dedication by City Council.

Maintenance Bond means the amount of specified in Item 5 of the Schedule.

Maintenance Bond means any security or surety approved by the city attorney that may be accepted as a guarantee that improvements required as a part of any application for development will function as required for at least a one- year period of time following acceptance by the council. [All references in this Title are proposed for deletion. This concept is covered in Public Works Design Standards]