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
Word of the day
Snake's-head
- Guinea-hen flower; -- so called in England because its spotted petals resemble the scales of a snake's head.