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New Mexico Public Time Frames

Step 1: Bond Claim

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.
HB 55 payment bonds required on P3 projects.