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A maintenance bond is a contract bond, also known as a performance bond, that ensures contractors will complete work to the standards outlined in the agreement while following all state regulations and producing work that isn’t shoddy or insufficient. It also requires that all work or repairs needed on the project are completed by the contractor through a specific period of time. The specified time in which a contractor is legally required to fix any issues on the project will be outlined in the maintenance bond and if the contractor fails to oblige, the project owner can make a claim against the maintenance bond and the surety will pay what is owed to the claimant.
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Many people get confused about the difference between maintenance bonds and performance bonds. Whether you are a construction contractor or a motor vehicle dealer a contract bond is often necessary in order to run your business legally and reduce risk with your clients and fellow partners.
Both the maintenance and performance bonds are crucial for specific industries and help protect partnering parties from any fraudulent or malpractice issues.
The Surety Place, founded in 2002, began with one goal in mind, to bring innovation and a high level of service the surety bond industry had yet to see. We have been industry leaders from the start; a people first company that you can trust, offering access to agents, specialty programs, and businesses to achieve the right solution at the right time.
What sets us apart from other sureties is that we establish a relationship with you in order to truly understand your business focus whether large or small, complicated or difficult, so that we truly know how we can be of service to you and minimize some of your pains as a business owner. We are small business owners ourselves, so we know how hard it can be to get started and grow your business which is why we do everything in our power to help every client that comes through our door. We are here to help alleviate some of those stresses by getting you the maintenance bond you need. Your needs as a business owner will be heard, and solutions will be found and implemented in a timely manner. We are one of the few true specialists in the industry and we supply access, partnerships, and specialty programs with numerous “A” rated sureties across the nation. Our industry knowledge and expertise coupled with our ever increasing list of specialty programs, give us the unique ability to write your bonds when no one else can. Put your trust into our team of experts and we promise that you and your business will never be disappointed.
We set our standards high, which means we provide our clients with nothing but the best team to help you obtain any bond you may need. Our dedicated account managers are highly trained underwriters who are able to provide our agents and clients with a tailored bonding solution for their individual or corporate needs. Our team is continuously educating themselves on the ever-changing surety bond industry which means we we are able to provide the information you need and answer any questions you may have.
It doesn’t matter how big or small, easy or complicated your bond is, Surety Place is built to find you the right answer. Poor credit, financial hardship, fast growth, or just getting your company off the ground? We have options for you too.