What does a maintenance bond guarantee?

A maintenance bond is specifically designed to guarantee that the work performed will remain free from defects in workmanship or materials for a set period following its completion. This type of bond provides financial assurance to the property owner that if there are any issues related to the quality of the work done or the materials used, the contractor will be responsible for addressing these problems at no additional cost to the owner. This bond ensures that any necessary repairs or corrections due to defective workmanship or materials will be completed, thus providing peace of mind for the property owner after the project has been completed.

The other options do not align with the primary function of a maintenance bond. For instance, while a maintenance bond does indirectly address aspects of quality, it does not serve to guarantee the completion of work on schedule, eliminate liens, or protect against employee dishonesty, which are covered under different types of bonds or contracts.