When Are Warranty Bonds Necessary?
Performance Bonds, Construction Bonds, Surety Bonding
Warranty bonds are required by law under certain circumstances in certain locations. However, they are also seen in private contracting as well. Warranty bonds are most frequently used for major construction projects, infrastructure projects, building repairs, and building renovation, although they occasionally appear in other types of contracts as well. Warranty bonds are considered especially useful at protecting owners , municipalities and the general public from shoddy and substandard work by the contractor. These bonds can provide a a comparatively inexpensive means to guarantee this work. It’s most common to see warranty bonds used in conjunction with Payment and Performance Bonds where the Warranty Bond will be issued after a bonded project has been completed and accepted.
Learn more about Warranty Surety Bonds at The ProSure Group website https://prosuregroup.com/bonds/warranty-bond/
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, When Are Warranty Bonds Necessary?