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A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. [1] They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. [2] They are often required in conjunction with performance bonds.
Construction in East Village, San Diego. A "Little Miller Act" is a U.S. state statute, based upon the federal Miller Act, that requires prime contractors on state construction projects to post bonds guaranteeing the performance of their contractual duties and/or the payment of their subcontractors and material suppliers.
States have also enacted what are referred to as "Little Miller Act" statutes, [5] requiring performance and payment bonds on State-funded projects. Each bond has a designated bond amount. Surety bond companies will determine the bond rate based on risk and then charge a surety bond premium in the range 1-15% of the bond amount. [citation needed]
A bond’s payment is called a coupon, and it will not change except as specified in the terms of the bond. On a fixed-rate bond, for example, the coupon might be 5 percent, so the bondholder ...
"We have payment bonds and we have performance bonds double the amount of the actual construction of these two facilities," he told board members. "Berkley Insurance has not denied coverage. They ...
A bond may become worthless if the issuer defaults on the payment of the bond — such as when a company that issued a bond goes bankrupt. As such, it can pay to go with investment-grade bonds ...
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