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.]

---

词条贡献者

双语律师Andrew，欧洲名校国际税法专业，擅长翻译各类与国际税法相关的法律文件。