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12 May, 17:29

What type of bond guarantees that if a contractor goes bankrupt on a project the surety will pay the necessary amount to complete the job

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  1. 12 May, 17:50
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    Answer: Payment bond.

    Explanation:

    A payment bond is a type of guaranteed payment provided for a contractor which ensure that all subcontractors, suppliers, workers etc involved in a project will be duly paid. Payment bond usually comes along with performance bond especially in the construction industry, and it is obtained before the commencement of a construction project. This serves as a form of protection for subcontractors.
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