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Step 1: Bond Claim
Notice to the surety
45 days
prior to filing suit
Step 2: Suit Against Bond
45 days
after written notice to the surety but
not later than 1 year
from the date of final settlement of the contract.
Bond Bits
Contracts less then $50,000 are excluded from bond requirements.
Amount of Bond: Not less than 50% of contract price.