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Payment bond

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This is an old revision of this page, as edited by 2600:1000:b116:a507:0:49:93c5:601 (talk) at 15:55, 20 September 2016 (Updated $ to 35,000 for constant contracts. Taken from 2016 figures). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

For payment bonds on U.S. Government construction contracts, see Miller Act.
For payment bonds on state government construction contracts, see Little Miller Act.

A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid.[1] They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. [2] They are often required in conjunction with performance bonds.

References

  1. ^ "Business Dictionary". Retrieved August 15, 2010.
  2. ^ "Federal Acquisition Regulation Site". Retrieved August 15, 2010.
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