Dianne Leto
Guest
Jul 28, 2022
12:12 AM
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Payment Bonds are generally used on construction projects in conjunction with a Performance Bond, but can also be obtained as a stand-alone bond. The Payment Bond guarantees that all suppliers, subcontractors, and laborers used on a specific contract will be paid by the contractor and that the project owner will not have a lien placed on the project. Some non-construction projects require payment bonds as well. https://bondingsolutions.com/payment-bond/
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