Payment Bond: Makes sure that selected subcontractors and suppliers are going to be compensated for labor and materials incorporated right into a construction contract. It's the principal's obligation to fulfill all agreed-upon obligations. In the event of a default, the principal must reimburse the surety for just about any promises https://mobilewebpage.net/en/all-articles/what-is-a-surety-bond-understanding-the-basics-of-surety-bonds-and-bond-insurance