How Payment Bonds Work on Construction Projects

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How Payment Bonds Work on Construction Projects
A payment bond is required on many construction projects. In the
construction industry, the payment bond is usually issued along
with the performance bond. The payment bond forms a threeway contract between the Owner, the contractor and the surety,
to make sure that all subcontractors, laborers, and material
suppliers will be paid leaving the project lien free.
5 Questions?
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Why are Performance and Payment Bonds Required?
How do Performance and Payment Bonds work together?
How Much Do Performance and Payment Bonds Cost?
What’s Required?
How to Obtain Performance and Payment Bonds?
To know answers of all the above 5 questions, click here.