Warranty Contract
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Effective Date: ____/____/___
Owner [Legal Name] (AKA, "The Owner")
Located at [Address]
[City], [State] [Zip Code]
&
Contractor [Legal Name](AKA, "The Contractor")
Located at [Address]
[City], [State] [Zip Code]
Have entered into a Contract dated __/__/___ for Project ___________.
General description of the above referenced Project:
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The above referenced Contract and Project are incorporated by reference into the Warranty Contract.
Through this Contract, the above mentioned Contractor as Principal and $________ as Surety are bound to the Owner as Obligator in the maximum amount of $________________. The Contractor and Surety do hereby bind themselves, their heirs, administrators, and successors and assigns jointly as provided herein.
1. General Conditions:
It is the condition of this Contract that if the Contractor upon receipt of written notice that is according with the Contract of a defect in the Work, shall promptly perform its obligations under the Correction of Work provisions of the Contract, a defect may be discovered during the one year Correction of Work period and shall commence on the Date of Substantial Completion, or on Date of Final Completion as mutually agreed by the Owner and Contractor, and the obligations shall remain in full effect.
2. Surety Obligation:
If the Contractor does not fulfill its obligation as set forth above, the Surety shall pay out, and reimburse The Owner the cost to correct such defect. In no event shall this obligation exceed the Warranty Sum stated above.
Applicable Law
This contract shall be governed by the laws of the State of _____ in _______ County and any applicable Federal Law.
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Signature of Seller
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Signature of Buyer
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