Payment Bonds
A Payment Bond is a three-way contract between the Owner (principal), the Contractor (obligee) and the Surety. It confirms payment for labour and materials used for the project. The Contractor is obligated to upload the terms of the contract, agreed to in the Payment Bond.
Payment Bonds are essentially a guarantee that the Contractor will pay all labourers, material suppliers, and outsourced contractors as per contractual obligations.
Learn more about the specialized coverage we can offer and policy types for: