Provide assurance around payment obligations with a digital payment bond.
A payment bond is a surety bond that guarantees a contractor will pay their subcontractors, suppliers, and laborers for work performed on a project. If the contractor fails to make these payments, the surety may compensate the affected parties. Payment bonds protect the project owner from claims and liens that could arise from unpaid subcontractors or suppliers.
Payment bonds are typically required on construction projects where subcontractors and suppliers are involved. They are often paired with performance bonds and are common in public works projects, large construction contracts, and infrastructure developments where multiple tiers of subcontractors and suppliers are engaged.
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