What Is A Compliance Bond?
When a property owner or investor makes the decision to build on that property, there are a number of different codes that must be followed in order to ensure that the building is safe for occupancy no matter what type of building it may be. It is the responsibility of the owner to ensure that all contractors, builders, realtors, and other parties involved in the build comply to all of those codes. This is why there is the compliance bond.
The compliance only bond is required by the state and often by the city in which the property is being built. The bond indicates that all parties involved in the build will follow codes. Compliance bonds are designed to protect the property owner to ensure that their contractors will follow code. Additionally, the compliance bond will protect any individuals or citizens who may visit the building once it is completed.
If you will be building, be sure that you have all of the proper bonds including the compliance bond by contacting Ox Bonding today.