5-21 PERFORMANCE BONDS FOR PUBLIC IMPROVEMENT CONTRACTS
PERFORMANCE BONDS FOR PUBLIC IMPROVEMENT CONTRACTS
Surety bond required--Obligation of prompt payment of laborers and materialmen.
Waiver of performance security requirement on contracts under certain amount.
Waiver of performance security requirement for emergency procurement.
Public corporation's civil liability for failure to require bond for protection of laborers
Surety bond to cover use tax liability--Amount of liability.
Notice of surety bond to secretary of revenue--Termination of surety's liability for use
and excise tax.
Laborers' and materialmen's right to intervene in action against public contractor--Pro
rata distribution if surety's liability insufficient.
Action by laborer or materialman on public contractor's bond--Limitation of action--Intervention by other claimants--Costs.
Pro rata distribution among claimants if bond insufficient--Surety relieved from
liability by payment into court.
Personal and public notice to creditors of action on public contractor's bond.