Payment bonds guarantee suppliers will be paid. They’re often used alongside contract bonds to secure compensation for all contractors and suppliers against the risk of non-payment.
lol竞猜(中国)联赛赛事官网 payment bonds relate to a contract, whereby the buyer (our customer) receives a benefit such as goods, rights and services with a compensation to be paid to the supplier (the beneficiary). These surety bonds cover non-payment of the compensation.
Examples of payment bonds include:
• Rental bonds
• Real estate/property bonds
• Other payment bonds, e.g. fidelity bonds