Meaning of labour and materials payment bond
Labour And Materials Payment Bond
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Engineering and technology
Glossary of building and construction terms
Meaning and definition of labour and materials payment bond :
Labour and materials payment bond: Constitutes a guarantee to the owner that subcontractors, material suppliers, and others providing labour, material goods, and services to the project will be paid. This promise is beneficial to the owner because it is much less likely that an unpaid party on a project will file a lien against the property if the bond remedy is available. It is important to note that a payment bond either:provides for payment only to parties employed by or in direct contractual relationship with the contractor, or may generally provide for payment to all parties in the employ of the contractor, subcontractors, suppliers, manufacturers, and their employees. [W2]
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Glossary of building and construction terms
Labour And Materials Payment Bond
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