payment bond
Definition
Deposit or guaranty (usually 20 percent of the bid amount) submitted by a successful bidder as a surety that (upon contract completion) all sums owed by it to its employees, suppliers, subcontractors, and others creditors, will be paid on time and in full.
Mentioned in these definitions
Mentioned in these terms
Popular 'Agreements & Contracts' Terms
payment bond in the news
This content can be found on the following page:
http://www.businessdictionary.com/definition/payment-bond.html







