Payment bonds are often required by the contract and require specific actions under the stated conditions. Payment bonds are specifically designed to ensure that the prime contractor provides payment of___________Payment bonds, which are required by the buyer, are issued by guarantors to prime contractors. The buyer wants to ensure that subcontractors of the prime contractor receive payment so that work is not disrupted.
Question:
Payment bonds are often required by the contract and require specific actions under the stated conditions. Payment bonds are specifically designed to ensure that the prime contractor provides payment of___________
Options:
Insurance premiums
Weekly payrolls
Subcontractors, laborers, and sellers of material
Damages for accidents caused
Correct Answer
The Correct Answer for this Question is
Subcontractors, laborers, and sellers of material
