Payment and Performance Bond: Ensuring Contract Fulfillment
A payment and performance bond is a dual-purpose surety bond that guarantees both the completion of a project and the payment to subcontractors, suppliers, and laborers. These bonds are often required in construction contracts, particularly for government and large-scale private projects. A performance bond ensures that the contractor completes the project according to the agreed terms, while a payment bond guarantees that workers and vendors receive compensation. Issued by a surety company, these bonds provide financial protection to project owners and stakeholders, minimizing risks of delays or non-payment. By securing a payment and performance bond, contractors enhance their credibility, while clients gain confidence that their project will be completed efficiently and fairly.
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