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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. Read more!

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How Payment Bonds Work on Construction Projects

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  1. 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 three-way 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.

  2. 5 Questions? • 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.

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