Wage payment guarantee refers to the written commitment of the guarantor (bank, insurance institution or professional guarantee company) at the contractor's application to ensure that he will pay the wages to the construction workers involved in the project construction on time and in full according to the labor contract or the relevant requirements of the local government, so as to reduce the financial pressure of the enterprise and ensure the timely, full and timely payment of the wages of migrant workers.

Legal basis:

Provisions of the Supreme People's Court on Several Issues Concerning the Trial of Disputes over Independent Letter of Guarantee Article 1 The term independent letter of guarantee as mentioned in these Provisions refers to a written commitment issued by a bank or a non-bank financial institution as the issuer to the beneficiary, agreeing to pay a specific amount or within the maximum amount of the letter of guarantee when the beneficiary requests payment and submits documents that meet the requirements of the letter of guarantee. The documents mentioned in the preceding paragraph refer to the payment request, breach of contract statement, documents issued by a third party, court judgments, arbitral awards, bills of exchange, invoices and other written documents mentioned in the independent guarantee. An independent letter of guarantee may be issued at the request of the applicant for the letter of guarantee or according to the instructions of another financial institution. Where the issuer issues an independent guarantee in accordance with the instructions, it may require the instructions to issue an independent guarantee to guarantee the right of recourse.