Guarantee for claims for defects
Guarantee for claims for defects (formerly warranty bond)
Definition
Securing of claims for defects of the principal. The guarantee secures the claims after the acceptance of the work performance.
Target group
Construction companies, building tradesmen, property developers and general contractors, companies in mechanical and plant engineering as well as gardening and landscaping.
Procedure
In the event that the contractor performs the agreed service improperly and defects occur in the work, the client has the option, if agreed, to retain an amount of 3-5 % of the contract sum as security.
This security deposit can be redeemed by the surrender of a guarantee.
By handing over the guarantee certificate, the contractor can redeem the agreed security retention and demand payment of the full invoice amount.
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