MLchartDataset catalogue

Miller Act of 1935

Term · Insurance and risk management · MLC-T-INS-002190

A federal statute requiring contractors on certain federal construction projects to provide payment and performance bonds. The payment bond protects subcontractors and suppliers from non-payment, while the performance bond guarantees the project's completion according to contract terms. This act applies to contracts exceeding a specified monetary threshold, currently $100,000.

Table 1. Record
IdentifierMLC-T-INS-002190
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002190",
  "term": "Miller Act of 1935",
  "field": "Insurance and risk management",
  "definition": "A federal statute requiring contractors on certain federal construction projects to provide payment and performance bonds. The payment bond protects subcontractors and suppliers from non-payment, while the performance bond guarantees the project's completion according to contract terms. This act applies to contracts exceeding a specified monetary threshold, currently $100,000.",
  "url": "https://mlchart.com/terminology/insurance/miller-act-of-1935/"
}

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