payment bond

A bond given by a surety to cover any amounts that, because of the general contractor’s default, are not paid to a subcontractor or materialman. [Cases: Principal and Surety 82; Public Contracts 46. C.J.S. Principal and Surety §§ 72, 77, 111; Public Administrative Law and Procedure §§ 46–50.]

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词条贡献者

资深法律翻译Patrick，毕业于美国顶尖的高级翻译学院，专注翻译各类与资产管理有关的法律文件。