KOG International is a Surety Bond Broker Specializing in Maintenance Bond Services.
A Maintenance Bond is a “type of surety bond purchased by a contractor that protects the owner of a completed construction project for a specified time period against defects and faults in materials, workmanship and design that could arise later if the project was done incorrectly. A maintenance bond is not technically insurance, but basically functions as an insurance policy on a construction project to make sure a contractor will either correct any defects that arise or that the owner is compensated for those defects.”
Maintenance Bonds can be up to 100% of the contract price. These bonds are issued when the job is completed and generally run for one to two years from that date. Maintenance Bonds provide a guarantee to the owner that the contractor will address any construction issues that come up during that time frame.
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