Performance Bonds provide that work will be fully completed in accordance with the terms and conditions of the contract. The bond incorporates all of the work outlined in the contract documents, which the contractor must complete. The specific liability of the contractor and the surety is based upon the obligations of the contract, any requirements of the plans and specifications and any pertinent statutes.
Payment Bonds or Labor and Material Bonds guarantee that the contractor will pay certain subcontractors, laborers, and materials suppliers involved in the project, for labor and materials.
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