MLchartDataset catalogue

Payment bond

Term · Insurance and risk management · MLC-T-INS-002523

A type of surety bond that guarantees subcontractors, laborers, and material suppliers will be paid for their work and materials provided on a construction project. It protects these parties from non-payment by the general contractor or project owner. Payment bonds are often required on public works projects under statutes like the Miller Act in the United States.

Table 1. Record
IdentifierMLC-T-INS-002523
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002523",
  "term": "Payment bond",
  "field": "Insurance and risk management",
  "definition": "A type of surety bond that guarantees subcontractors, laborers, and material suppliers will be paid for their work and materials provided on a construction project. It protects these parties from non-payment by the general contractor or project owner. Payment bonds are often required on public works projects under statutes like the Miller Act in the United States.",
  "url": "https://mlchart.com/terminology/insurance/payment-bond/"
}

Record 2,524 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.