Give owners and suppliers assurance that payments will be made.
A payment bond assures that the people who work on or supply a project will be paid. e-SureX helps contractors apply online, compare providers and manage the bond digitally.
Premiums and terms are set by surety providers after underwriting.
A payment bond is a type of surety bond that assures the payment of amounts due on a project, such as payments to subcontractors, suppliers and labour. If the contractor fails to pay, the bond gives those entitled to payment a route to claim, subject to its terms.
It also reassures the project owner that payment disputes further down the chain are less likely to disrupt the project. Whether a payment bond is required, and in what form, depends on the contract.
Large projects depend on many parties who need confidence they will be paid.
Some owners ask the main contractor to provide a payment bond as a contract condition.
Showing that payments are backed can help when working with new partners.
Contract value, the payment amount to be covered, tenure and the beneficiary.
The contract, company and financial documents, and KYC details.
Review premiums, tenure and conditions from multiple surety providers.
After verification, the bond is issued digitally and tracked on your dashboard.
Give subcontractors and suppliers added confidence in doing business with you.
Compare conditions across providers before you decide.
Manage payment bonds with your other bonds and documents.
Requirements can vary by provider and by bond.
Start your surety journey with e-SureX.