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(Updated 2017) Purchase Options

This standard warranty bond form is to be used for the correction of a defect in the work during a one-year correction of work period. This warranty bond addresses the surety’s obligations as the guarantor to pay the Owner who is the obligee of the Constructor (aka builder, general contractor, design-bid-builder, construction manager)..This is a short administrative standard contract document establishes the maximum amount promised by the surety as the bond sum or penal sum.

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