Payment Bond
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A payment bond is a type of surety that a contractor provides to a project owner guaranteeing subcontractors and suppliers for a project will be paid. These bonds are often utilized alongside performance bonds, must be 100% of the contract value, and are required for Federal Government contracts of more than $35,000.
If you are interested in obtaining a payment bond, contact an specialist at Dickinson Insurance today to learn more about our bond products and complete an application.