LABOR AND MATERIAL PAYMENT BOND
\lˈe͡ɪbəɹ and mətˈi͡əɹɪə͡l pˈe͡ɪmənt bˈɒnd], \lˈeɪbəɹ and mətˈiəɹɪəl pˈeɪmənt bˈɒnd], \l_ˈeɪ_b_ə_ɹ a_n_d m_ə_t_ˈiə_ɹ_ɪ__əl p_ˈeɪ_m_ə_n_t b_ˈɒ_n_d]\
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Contractor-requested bonding or surety company guaranty or security given to a construction project owner / principal. This covers payoff for all equipment, labor, materials, and services if the contractor does not pay for them under contract terms. Bonds issued usually go with performance bonds, for the same amount.
By Henry Campbell Black
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Nearby Words
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- LABOR AND MATERIAL PAYMENT BOND
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