Maintenance bond
When a building contract or installation is completed, there is usually what is called a guarantee period in which the contractor can be held responsible for any faults or deficiencies that may come to light. The guarantee period is usually two or five years depending on the type of contract or installation. A maintenance bond ensures that faults and deficiencies are dealt with even if the contractor were to be declared bankrupt or cease trading during the guarantee period.
For the construction sector, we have created a special bond. This is a combination of a performance and a maintenance bond. In Swedish, we call this Byggsäkerhet, referring to construction security.
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