What is a Completion Bond?

Project quality guarantee (warranty) refers to the contractor and contractor agreed in the construction project contract to reserve from the payable project funds to ensure that the contractor repairs defects in the construction project during the period of liability for defects funds.

Engineering Quality Guarantee

Right!

Engineering quality guarantee (warranty) refers to

All or part of the construction unit

Project quality deposit and quality warranty deposit are both a kind of guarantee provided by the contractor to guarantee the performance of the construction contract.

However, the quality guarantee deposit is the funds that the contractor delivers to the construction unit before the performance of the construction project contract according to the requirements of the construction unit to ensure the quality of the construction. Generally, it is a guarantee of quality problems that occur before the acceptance of the completion; Refers to the agreement between the construction unit and the contractor in the construction project contract that after the construction project is completed, accepted, and delivered for use, a certain amount is reserved from the construction project payable for repairing the construction project during the warranty period and within the warranty scope Quality defects, mainly the quality problems within the warranty period after the completion of the acceptance inspection.

Comparative analysis of quality deposit and quality warranty

Comparison item		Quality guarantee	Quality warranty
common point	nature	A guarantee by the contractor to guarantee the performance of the construction contract	Used to repair the quality defects of the construction project during the warranty period and the warranty scope, and mainly guarantee the quality problems during the warranty period after completion and acceptance
	source	According to the requirements of the construction unit, the contractor shall deliver it to the construction unit before the performance of the construction contract.	After the construction project is completed and accepted for delivery, it is reserved from the construction project payable.
Do not with point	concept	The amount used by the contractor to guarantee the performance of the obligation to repair defects during the defect liability period.	The funds agreed in the contract between the two parties or the contractor promised in the project warranty to repair the quality defects of the project during the warranty period and the scope of the warranty.
	purpose	Ensuring that the contractor repairs defects in the construction project during the defect liability period	Ensure that the funds required for the warranty are in place and bind the construction unit to fulfill the warranty obligations
	Use phase	Defect liability period	Project warranty period