Description |
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A payment bond is a surety bond posted by a contractor to guaranty that his subcontractors and material suppliers on the Project will be paid. They are required in contracts over $30,000 with the Federal Government and must be 100% of the contract value. They are often required in conjunction with performance bonds. |
Compliance/PII Flags |
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Available for BEA Compliance:
Pesonally Identifiable Information:
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Enterprise Standard(s) (1) |
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Procurement Data Standard
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Attribute(s) (1) |
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Procurement_ Instrument_ Payment_ Bond_ Text / PDS-XSD |
Business Rule(s) (1) |
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Business_ Rule_ PDS_ PRDS_ Attributes
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Data Structure(s) (0) |
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Data Domain(s) (0) |
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LRP Source(s) (0) |
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