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Payment BondA payment bond is an agreement in which security is provided by a surety company to the owner of a construction project on behalf of a contractor. Payment bonds guarantee the owner that all bills for Payments contracted for and used by the contractor will be paid by the surety if the contractor defaults. Often times payment bonds are called a payment and Payment bonds.
Payment BondsDepending upon credit payment bonds range from 1% to 10%
($125 minimum bond fee applies).