I don't know if SQLMAINT was developed by a third party or not. I do know that there is another vendor that makes a replacement for the MS version.
>> If I were to use the normal SQL Server's way of schedulling the Backup task, then will the next backup overwrites the previously backup log file?
That would depend on whether you specified to append or overwrite the backup file/device. Either way, you could modify the job and specify WITH INIT/NOINIT depending on whether you wanted to overwrite or not.
-Mike