how do performance and payment bond claims work
In order to file a claim, subcontractors, suppliers and laborers must follow a number of procedures so that their claim is accepted. Before filing a payment bond claim, they must file a preliminary notice of a claim, within a period of time after the completion of their work.
PERFORMANCE BOND CLAIM. The contractor and the surety, jointly and severally, bind themselves, their heirs, executors, administrators, and successors and assigns to the owner for the performance of the. construction contract, which is incorporated herein by reference.