Any legal person that carried out a contract must, after the completion of the works, present a Maintenance Bond in order to remedy, without additional costs, any subsequent defects.
The Maintenance Bond assures the Beneficiary that any hidden defects of the executed work occurring during the post-execution period will be remedied.
This period of post-execution guarantee refers to the period of notification regarding the defects, starting from the signing of the proces-verbal of reception to the signing of the proces-verbal of final reception.
Maintenance Bond Advantages:
- Increased ease of execution of the contractual obligations;
- Unblocked sums that would have previously been used as a guarantee of maintenance;
- Intact work capital, due to there not being a cash collateral requirement;
- Reduced time to issue the guarantee compared to bank procedures;
- Reduced costs;
The maximum insurance period is 60 months. In special cases, this guarantee can be established for a period of up to 15 years, provided special conditions are met.
The contract signed between the two parties
A model of the warranties’ instrument – if the Beneficiary so requires it
The association agreement – only for associations
Confirmation of the establishment of a counter-warranty: a guaranteed promissory note without tenor or a check file without an emission date on the insured sum – for the issuance of the policy
Confirmation of payment of the insurance premium – for the issuance of the policy