PAYMENT BOND
\pˈe͡ɪmənt bˈɒnd], \pˈeɪmənt bˈɒnd], \p_ˈeɪ_m_ə_n_t b_ˈɒ_n_d]\
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A deposit, usually 20% of the actual amount, which must be given by the winning bidder, taken as a surety that he will pay all sums on time and in full that are owed by its suppliers, employees and other entities that might have worked.
By Henry Campbell Black
