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A payment bond is a surety bond that is issued to a contractor for a project that ensures subcontractors, laborers, and material suppliers are paid for the work they do in a timely manner. Unlike a performance bond that ensures satisfaction of the completion of a project, a payment bond ensures that the right people get paid for their work no matter the outcome of the project. This surety bond is required by the contractor before the start of the project. A payment bond is an agreement between the person requesting the bond (usually subcontractors, material suppliers, or laborers) and the principal (usually a contractor) who holds the bond, acknowledging that if payment is not made in a timely manner, the obligee can make a claim on the payment bond and the surety will pay the compensation to appropriate parties.
Request a Payment Bond
As industry leaders, The Surety Place is constantly working with our surety partners to create faster, easier and less expensive ways for our clients to obtain bonding. Some programs are exclusive to us as a firm, and others are made available across the country and have changed the way a surety producer does business. If you need a performance bond, payment bond, or any other type of bond, no matter what your need, we can supply the solution.
At Surety Place we know that obtaining any kind of bond can be time consuming and extremely difficult. That is why we work each day to improve our processes and ensure that our relationships with surety partners are always excellent. We are here to serve you and help you obtain any type of surety bond in the easiest, most convenient way. Call us today for all of your surety bond needs.