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Sagot :
A bond that guarantees that all labor and materials, for the project will be paid by the contractor upon completion of the work is called a payment bond.
What do you understand by payment bond?
A certain sort of surety bond called a "payment bond" is given to contractors as an assurance that all parties associated with the project will receive payment. A payment surety bond is a specific kind of bond that ensures certain employees, suppliers, and subcontractors are safeguarded against non-payment. These are also referred to by the common labels "construction" and "labour and material". These bonds are occasionally referred to as "Miller Act Bonds" in government contracting.
Either conditional or unconditional private construction bonds are available. A property owner is completely shielded from having a lien put on their property under an unconditional payment guarantee. Due to the possibility of a construction lien being put on the owner's property, conditional sureties (also known as "pay when paid" provisions) offer the owner very minimal security.
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