Notice to the prime contractor within 90 days of last furnishing.
Step 2: Suit Against Bond
Within 1 year after final settlement of the contract between the owner and the prime contractor. The claimant must give notice of the commencement of a suit to the obligee on the bond (owner), and may not take judgment until 30 days after that notice.
Bond Bits
Contracts less than $25,000 are excluded from bond requirements.
Amount of Bond: 100% of contract price. Owner may reduce amount to 50% of contract price.