What Does Payment Bond Mean?

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What does Payment Bond mean? Read on to discover the definition & meaning of the term Payment Bond - to help you better understand the language used in insurance policies.

Payment Bond

Payment Bond

Guarantees that suppliers and subcontractors will be paid for materials and labor furnished to the contractor. The owner's purpose in requiring a payment bond is to guarantee that the project will be delivered free of liens.

We hope the you have a better understanding of the meaning of Payment Bond.

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