MAINTENANCE BOND RELEASE City of Westfield Upon Executing 2026

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  1. Click ‘Get Form’ to open the MAINTENANCE BOND RELEASE in our editor.
  2. Begin by entering the Bond Number at the top of the form. This is essential for identifying your specific bond.
  3. Fill in the Name of the Project and City Project Number. Ensure these details match your project documentation for accuracy.
  4. In the Description section, provide a clear description of the portion of the project being accepted by the City. Attach an 8 1/2" x 11" map showing its location for reference.
  5. Enter the Contractor/Developer name accurately, as this identifies who is releasing the bond.
  6. Review all entered information carefully before proceeding to sign. The Director of Public Works and Board of Public Works & Safety will need to sign and date this document.

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Normally, the premium ranges from 1% to 4% of the bonds total amount. For example, a $100,000 bond may cost between $1,000 and $4,000. Some contractors may bundle this bond with a performance bond, sometimes receiving the first year of maintenance coverage at no additional cost.
A municipal bond is a loan to a local or state government. The government might use it for schools, a stadium or some other purpose. It is guaranteed by the state or local government, which has the ability to raise taxes to pay the bond, so it is generally considered safer than loaning money to a company.
Duration: how long does coverage last? For most building projects, a one-year maintenance period following final acceptance is standard. For projects where defects may take longer to appearsuch as paving, sewer, bridge, or waterfront worktwo or more years may be mandated.

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A maintenance bond is not technically insurance, but basically functions as an insurance policy on a construction project that promises a contractor will either correct any defects that arise or that the owner is compensated for those defects.

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