Maintenance/Retention Bond guarantees the Obligee over the ability to repair damages after completion as exchanged in the contract.

This warranty is also commonly referred to with the assurance of Retention (Retention Bond) or a Warranty Bond.

The magnitude of the value of the collateral is 5% or as specified in the contract.

Guarantee of Retention (Retention Bond) can be either a Surety Bond or Bank guarantee, as stated in the contract.

In other words, the definition of the Maintenance Bond is a Guarantor/Surety will pay some costs that have been incurred by the Obligee extended warranty/Recipients in accordance with the stated in the certificate of warranty warranty/recipients Obligee in Assured/Principal expressed tort in fulfilling its obligations to perform maintenance work that has settled over the Guaranteed/Principal in accordance with the contract between Obligee warranty/Receiver with Assured/Principal.

Claim Procedure Maintenance/Retention Bond

In case of tort, warranty/Recipient Obligee is obliged to convey the documents supporting the claim as follows, including the following:

  1. Letter of Guarantee Disbursements from the submission of the Obligee;
  2. Evidence of News of the proceedings corresponding Maintenance contracts Results;
  3. The original proof of the expenses for repair; and
  4. Original certificate of Maintenance Bond