Abatement Contract Bond
What is a Abatement Contract Bond?
An Abatement Contract Bond is a type of Specialty Contractor bond that ensures that contractors comply with contract terms, federal, state, and local regulations related to the removal or containment of hazardous materials, such as asbestos or lead, protecting clients and the environment from any damages or improper execution.
Protects clients and the environment from financial loss due to the misconduct or negligence of abatement contractors, ensuring the proper completion of abatement projects.
Required by government agencies or private clients to ensure responsible management and compliance with contract terms and environmental regulations by abatement contractors.
Applicant’s personal or business information, credit history, bond amount (determined by the contract requirements), and abatement contract details.
Based on credit history and bond amount, usually 1-5% of the bond amount.
