DOCUMENT

FORM - Maintenance Bond Sample

  • ENTITY TYPE: City/Township
  • TYPE OF DOCUMENT: FORM - Form
The document is a maintenance bond between a principal (the party responsible for construction) and a surety (the party providing financial security) for the City of Frederick in Maryland. The bond is for a specified sum of money, equal to the contract price, to ensure that the principal will construct and maintain a specified improvement in compliance with plans and specifications. The principal is obligated to pay for any damage, loss, or expense resulting from defective materials or workmanship within two years of the project's acceptance by the city. If repairs are necessary and not made by the principal or surety within 30 days of notice, the city can determine the cost of repairs and sue to recover that amount. The bond remains in effect until the improvements no longer require maintenance. The surety's obligations are not released by any changes or alterations to the contract. The document is executed by the principal and surety, with witnesses, and includes the date of execution.
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