South Carolina Bond to Secure against Defects in Construction
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How to fill out Bond To Secure Against Defects In Construction?
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FAQ
7. SC Code § 29-6-50 permits a contractor to assess interest in the amount of one percent per month of the unpaid undisputed amount of a periodic or final pay request not paid within 21 days of receipt of the pay request, providing notice is given as required by the law.
SECTION 40-11-262. Surety bonds in lieu of providing financial statements.
Construction defects include improperly designed materials, poor workmanship, and failure to follow construction codes. Any deficiency in a building project can be considered a construction defect, including: Defective architectural designs. Lack of planning or supervision.
In South Carolina, the general rule is that you have 8 years from the last date on which work was performed on your home. After 8 years, the law (the ?statute of repose?) limits the claims an owner can bring.
South Carolina's statute of repose is found at S.C. Code Ann. §15-3-640. South Carolina's statute of repose provides that a lawsuit for damages based upon a defective or unsafe condition of an improvement to real property must be brought within eight years after substantial completion of the improvement.
A: Some states limit construction defect claims to the original purchaser or builder of a home, but that is not the case in South Carolina. Any current homeowner may bring construction defect claims as long as the claims are brought within the proper time period.
The Right to Cure Act is a product of the South Carolina Legislature, which decided that some construction lawsuits might be avoided if the homeowner was first required to give the contractor notice of the alleged defect and to give that contractor the right to fix, or ?cure? the problem.