Sec. 12. As used in this chapter, "payment bond" means an approved form of security, furnished and executed by the bidder and the bidder's surety, that guarantees the payment of all legal debts related to the construction of the project. As added by P.L.85-1991, SEC.3.
"Payment bond" defined
Ind. Code § 36-1-9.5-12, under Qualifications of Bidders for Certain Contracts.
Ind. Code § 36-1-9.5-12