Maintenance bond

When a project or delivery has been completed, it is common that a guarantee period takes effect. During this pre-determined period, the contractor is responsible for any faults or defects that are discovered or that arise. This period normally extends over two to five years and is agreed in the conditions of the contract. A maintenance bond ensures that faults and defects are rectified even if the contractor is declared bankrupt or ceases trading during this period.

Nordic Guarantee offers the construction and civil engineering industry a complete set of guarantees in connection with the Norwegian Residential Construction Act and Standards Norway (see Combined performance-maintenance bond in connection with the Residential Construction Act and Combined performance-maintenance bond in connection with Standards Norway).