The bond of hidden defects, also known as good quality bond, belongs to the branch of administrative bonds, which are responsible for ensuring compliance with various types of contract, including legal and economic obligations arising from purchase orders, orders or contracts working.
The administrative bonds guarantee compliance in time and form with the obligations acquired during the execution of a contract. These contracts are concluded between two or more people, which can be both physical and moral.
The bail of hidden defects has as main objective, to guarantee the repair of a work or real estate in case that after delivering the work or finished the work and as long as it is within the term stipulated in the contract, defects or hidden defects appear.
During the execution of a work contract, the hidden defects bond plays a very important role since it guarantees that there is no fault that can be discovered with the passage of time, once the work is delivered.
Regarding the validity of this type of bond, being a work will normally be one year, from the date it is concluded. In the case of supply services, the validity of this type of bond will be 18 months, from when the order is delivered.
In addition to a bail of hidden defects, in the construction branch it is very important to have an advance and compliance bond, to ensure that the works established in the contract are carried out in a timely manner and that the money delivered as advance payment to carry out the work, use it accordingly.
With Barrón, you process any type of administrative bond and guarantee that the work you are about to carry out is carried out correctly, ensuring your investment.