Completion Bond
Definition of "Completion bond"
Bond given by a building contractor to a public authority and guaranteed by a third party, usually a bonding company, that a contracted construction project will be completed within the contract period. Building contractors must be qualified in terms of meeting specific experience and achievement qualifications. Should the building contractor default, the bonding company guarantees to compensate for financial damages.
Popular Real Estate Terms
Molding used in corners simulating a quarter of a circle. ...
Point at which a housing development becomes a neighborhood. After an initial housing development is sold and the new owners become established, the neighborhood stage begins. The ...
The right and duties of using and holding property. ...
Something that is illegal. An example is an unenforceable debt because it has exceeded the statute of limitations. ...
Thinking about selling your own home without an agent? You can. For Sale By Owner or FSBO is how it’s called in the real estate world. It's when a homeowner decides to sell his/her ...
Optional feature included in some homeowners insurance policies that pays the replacement cost of any personal property. ...
A clause that may be inserted into a purchase agreement or a lease indicating that subject property must be properly maintained in order to validate the contract. The effect is to create ...
Legal rule, principle, or tenet. ...
Contractual clause freeing a party from personal liability. Foe example, an exculpatory clause in a mortgage agreement provides a mortgagor the ability to surrender a mortgage property in ...
Have a question or comment?
We're here to help.