The maintenance bond guarantees that any faulty materials or defects in construction will be fixed. It provides assurance to the obligee (Project owner) that this will be rectified for a period of time after the project is completed. The maintenance bond usually runs one year after a project is completed.
The bond cost is usually free for a one year maintenance bond if performance & payment bonds are purchased. If it is a two year maintenance bond, the second year will be charged. The bond cost is usually 1% of the bond amount.