5-21-1. Surety bond required–Obligation of prompt payment of laborers and materialmen. Except as provided in §31-12-15, when any contract is entered into for the construction of public improvement or the furnishing of any material or labor therefor, the contractor is required, before commencing such work, to furnish surety in an amount not less than the […]
5-21-1.1. Waiver of performance security requirement on contracts under certain amount. The requirement of a performance security may be waived by a public corporation if the bid submitted does not exceed the limit established pursuant to §5-18A-14 for a public improvement. Source: SL 1968, ch 276; SL 1977, ch 51, §2; SL 1985, ch 42, […]
5-21-1.3. Waiver of performance security requirement for emergency procurement. The requirement of a performance security may be waived by a public corporation if the procurement meets the requirements established pursuant to §5-18A-9. Source: SL 2016, ch 41, §1.
5-21-2. Public corporation’s civil liability for failure to require bond for protection of laborers and materialmen. In case any such public corporation shall fail or neglect to require the execution of the surety provided for in §5-21-1, such public corporation shall be liable to pay any person who shall have performed labor or furnished any […]
5-21-3. Surety bond to cover use tax liability–Amount of liability. If a contract is entered into for the construction, alteration, or repair of improvements to be located in this state, including public improvements, and the contractor or subcontractor furnishes surety for the faithful performance of the contract, there is hereby imposed an additional obligation upon […]
5-21-4. Notice of surety bond to secretary of revenue–Termination of surety’s liability for use and excise tax. The surety within sixty days after entering into such performance bond shall send notice of the bond to the secretary of revenue. Six months after the completion of the contract and the acceptance of the improvement by the […]
5-21-5. Laborers’ and materialmen’s right to intervene in action against public contractor–Pro rata distribution if surety’s liability insufficient. Any person who has furnished labor or material used in the construction of any such public improvement as described in §5-21-1, payment for which has not been made, shall have the right to intervene and be made […]
5-21-6. Action by laborer or materialman on public contractor’s bond–Limitation of action–Intervention by other claimants–Costs. If no suit should be brought by the public corporation within six months from the completion and final settlement of such contract, the person supplying the contractor with labor or material shall, upon application therefor and furnishing affidavit to the […]
5-21-7. Pro rata distribution among claimants if bond insufficient–Surety relieved from liability by payment into court. If recovery on the bond should be inadequate to pay the amounts found due all such persons, judgment shall be given to each person for his pro rata of the amount of recovery. The surety company may pay into […]
5-21-8. Personal and public notice to creditors of action on public contractor’s bond. In all suits instituted under the provisions of §§5-21-5 and 5-21-6, personal notice of the pendency of such suit, informing them of their right to intervene, as the court may order, shall be given to all known creditors, and in addition thereto […]
