Definition of the term Bond or Bonding

An amount of money (usually $5,000-$10,000) which must be on deposit with a governmental agency in order to secure a contractor’s license. The bond may be used to pay for the unpaid bills or disputed work of the contractor. Not to be confused with a performance bond. They are an insurance policy which guarantees proper completion of a project. Such bonds are rarely used in residential construction.

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About the Home Inspector
Dan Joandrea

- I have been working in the home remodeling / construction industry for over 11 years. I have decided to open a home inspection company to help real estate home buyers to make an informed decision before making their biggest investment of their life. The home inspection is a very important step when purchasing a home.