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contracting bond

What is a payment bond?

What is a payment bond?

What is a payment bond? It is a third party guarantee that a company will pay the bills associated with a particular contract. It is a type of surety bond.  There is no “blanket”  bond that guarantees payment of all of company’s obligations. Contract bonds are always contract specific.
When would I need a payment bond?
As mentioned previously, a …

 

How the SBA Bond Guaranty Program Works

If you are a contractor in the public works sector, you likely know about bid, performance, and payment bonds.  You also likely know that qualifying for bonds depend on the financial condition of your company, personal finances, and experience as a contractor. Bonding is a lot like applying for a loan. Similar to lending, a contractor qualifies up to a …