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Five Myths About Payment Bonds And The Truth Behind Them

One type of supply contractor bond is a payment bond. A payment bond is related to paying subcontractors on a job, and if you’ve just gotten a contract for a project, you may be required to take out a payment bond through a company like Service Insurance Company. There are several myths and misconceptions that float around about these bonds, and before getting one, you may want to know the truth behind the following myths.…