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NECESSITY OF IMPLEMENTING PAYMENT BOND PROVIDED BY PROJECT OWNER

Yunyan Liu

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Abstract

Delayed payment to contractors has long puzzled China's construction industry.The respective authority should request, by legislation, all project owners to provide payment bond to the successful contractors before commencement of works. The authority should also adopt every efficient measures to resolve this issue to secure right and benefit of contractors and subcontractors and thus resolve the issue of delayed payment to farmer labors.

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What this paper is about

Delayed payment to contractors has long puzzled China's construction industry.The respective authority should request, by legislation, all project owners to provide payment bond to the successful contractors before commencement of works. The authority should also adopt every efficient measures to resolve this issue to secure right and benefit of contractors and subcontractors and thus resolve the issue of delayed payment to farmer labors.

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Available abstract

Delayed payment to contractors has long puzzled China's construction industry.The respective authority should request, by legislation, all project owners to provide payment bond to the successful contractors before commencement of works. The authority should also adopt every efficient measures to resolve this issue to secure right and benefit of contractors and subcontractors and thus resolve the issue of delayed payment to farmer labors.

Key concepts: Payment, Business, Bond, Legislation, China, Finance, Construction contract, Actuarial science

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