A type of Contract Surety Bond that guarantees that the Principal on the bond will pay certain Subcontractors and Material Suppliers on the bonded project. A Payment Bond is required by The Miller Act on Federal Projects and many other Public Projects. A Payment Bond is a three party agreement between a Principal (the party responsible for paying the subcontractors and supplier), the Obligee (the project owner or higher tier contractor), and the Surety (the bond company guaranteeing the Principal’s payments).
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