What is the purpose of the Payment Bond?   What percentage of the project cost should be covered by the Payment Bond?   What should be bond date?  What is the owner obligated to do if it receives any claims, suits, etc. by persons seeking payment for labor and materials on the project? What three ways can the claimants notify the surety that money is owed to them?

Answer rating: 100% (QA)

The Payment Bond serves several purposes in construction projects 1 Guarantee of Payment The Payment Bond ensures that subcontractors suppliers and la... View the full answer