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Maintenance Bond- A maintenance bond (also known as a warranty bond) guarantees for the owner of the project, that the contractor will solve all maintenance issues during the specified maintenance period, which is usually 1 year from completion/acceptance of the project. The maintenance period could be longer depending on the terms of the contract. If contractor is unable to solve the maintenance issue or is not in business during the specified maintenance period, the maintenance bond provides the owner of the project with a remedy through the surety to fix the maintenance issues.