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.

The money paid to someone for regular work. (source: http://oxforddictionaries.com/definition/english/pay?q=pay)

A loan payment that has not been made as of its due date. A borrower who is past due may be subject to late fees,

Agreement for which a creditor waives the right to recover an established debt in full, and a partial payment is enough to satisfy that obligation.

Unpaid after the payment due date. (source: http://www.investorwords.com/3545/overdue.html)

An international banking term that refers to a directive to a bank or other financial institution from a bank account holder instructing the bank to

A notice to a borrower with property as security under a mortgage or deed of trust that he/she is delinquent in payments. If the delinquency

A failure to pay money which is owed. (source: http://dictionary.cambridge.org/dictionary/british/non-payment)

A legally authorized period of delay in the performance of a legal obligation or the payment of a debt. (source: http://www.merriam-webster.com/dictionary/moratorium)