Ask a lawyer
Our On Call attorneys are here for you.
Make your Free Payment Bond
You never know what will happen when you begin a new project, which is why many construction projects require owners and contractors to sign a Payment Bond. If you're a contractor or a project owner... Read more
How It Works
Create your document
Answer a few simple questions to make your document in minutes
Save, print & share
Save progress and finish on any device; download & print anytime
Sign & make it legal
Securely sign online and invite others to sign
Making a Payment Bond
-
What is a Payment Bond?
You never know what will happen when you begin a new project, which is why many construction projects require owners and contractors to sign a Payment Bond. If you're a contractor or a project owner who wants to make sure everyone gets paid, a Payment Bond is your tool.
-
When can I use the Payment Bond document?
You may use the Payment Bond document if:
- You own a surety company.
- You're a project owner and want to make sure contractors and suppliers get paid.
- You're a contractor, subcontractor, or supplier starting a new project.
-
What is a payment performance bond?
A performance bond ensures that a contractor successfully completes a project. It is issued by a bonding company or bank and is used to protect the owner when the terms of a contract aren't successfully executed. If contractual obligations are not met, the surety company will pay the claim.
A payment bond is usually issued alongside a performance bond and guarantees that laborers, material suppliers, and contractors are paid according to the terms of the contract.
-
How do I get a payment and performance bond?
Payment and performance bonds are issued by a surety bonds company. Surety issuers can be bond producers, general insurance companies, and speciality surety companies.
-
What is a construction bond?
A construction bond ensures that any construction work being done is in accordance with the terms of the agreement. They also protect the project owner and contractor(s) against non-payment and project incompletion.
The parties to a construction bond are typically the project owner, surety company, and contractor(s).
-
What is a bonding?
Bonding ensures that a customer is protected if anything goes wrong. In the event that the customer faces a problem, they can file a claim against the company. If the claim is valid, then the bond purchased by the company will cover the cost of the claim.
WHY ROCKET LAWYER?
Easy legal documents at your fingertips
Answer a few simple questions to make your document in minutes
Easily customizable
Make unlimited revisions and copies. Sign online. Share and print anytime.
Legal and reliable
Our documents are vetted by lawyers and legal staff, so you can use them with confidence.
Added protection with Document Defense®
If there's a dispute, an On Call attorney can respond on your behalf. Included in your Premium plan.
Try Rocket Lawyer free for 7 days
Make your Premium document today and get back to doing what you love.