North Carolina Contractor's Performance Bond with Limitation of Right of Action
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FAQ
All types of general contractors in North Carolina are required to post a bond under 21 NCAC 12A . 0204. The bond is intended to benefit any person who is damaged by a contractor's actions or omissions that breach a contract between the claimant and the contractor.
A performance bond is a financial guarantee to one party in a contract against the failure of the other party to meet its obligations. It is also referred to as a contract bond.
A performance bond guarantees that a contractor will perform the work ing to the conditions and requirements of the construction contract. These bonds protect the owner from financial loss as a result of a contractor default.
Simply speaking, a surety bond is defined as a contractual agreement that guarantees certain obligations will be fulfilled. It is a different kind of insurance, as it involves an agreement between three parties.
(5) A payment bond assures payments as required by law to all persons supplying labor or material in the prosecution of the work provided for in the contract. (6) A performance bond secures performance and fulfillment of the contractor's obligations under the contract.
If the surety does not voluntarily pay the claim, a lawsuit must be filed against the payment bond surety as follows: (a) if the public entity files a notice of completion or cessation notice, thirty (30) days six plus (6) months after the notice is filed or (b) if neither a notice of completion or cessation is filed, ...
The requirement for performance and payment bonds is waived for cost-reimbursement contracts.
Performance bonds, which are secured by a contractor before the beginning of a project, provide a guarantee to the project owner that contract obligations will be fulfilled. If the contractor fails to complete work ing to the contract terms, the property owner may be financially compensated.