Prime contracts over $50,000, serve the prime contractor within 60 days of first furnishing.
Step 2: Suit Against Bond
Within 1 year after the date of first publication of owner’s notice of final payment. Notice of claim must be served on the obligee on the bond at time of filing the suit.
Bond Bits
Contracts less than $7,500 are excluded from payment bond or other types of guarantee requirements.
Contracts less than $150,000 require a payment bond or another form of guarantee approved by the state or political subdivision.
Amount of Bond:
Contracts $7,500 through $150,000: 50% of contract price.
Contracts over $150,000: amount is at the owner’s choice.