A Defect Liability Bond is a type of surety bond, a maintenance bond - generally an on-demand bond, that is provided by a contractor to an owner to remedy a completed construction project's defects. The Defect Liability Bond is used to ensure that the contractor continues to provide services which the contractor is responsible for repairing or rectifying defects for a specific period of time, the Defect Liability Period, that becomes after the completion has been certified. (Refer to a Defect Liability Period)
Related Definitions in the Project: The Project Contract; Bond and Insurance
