An “obligee†is the one who requires a bond. A real estate proprietor who needs a bond from the final contractor is an obligee.Most Miller Acts state that a provider without having a contract immediately with the final contractor should supply see of its claim within ninety times after the very last provide of labor or substance to the
Details, Fiction and Performance Surety Bonds
Public entities routinely require contractors to submit a performance bond so that you can bid on any certain challenge. The federal Miller Act mandates performance bonds be posted for federal construction projects exceeding $100,000. Some states require performance bonds be posted for public projects really worth a lot less.A bearer bond,