Payment and Performance Bonds in South Carolina
Many construction projects in South Carolina require the contractor and subcontractors to obtain payment bonds and performance bonds before commencing work. These bonds are generally required on government projects, which preclude the filing of mechanics liens, and can be incredibly helpful when projects experience disruptions.
A payment bond provides a source of funds to pay labor and material providers who do not get paid by their contract party for whatever reason.
A performance bond provides a source of funds to pay for a project to be completed in a timely manner if a contractor is unable to complete it.
Payment and performance bonds are governed by The Federal Miller Act and South Carolina’s Little Miller Act, which are similar, and which have strict requirements as to the timing of claims and the notice of furnishing of labor and materials. The attorneys at Belser Law Firm have experience representing both bond companies defending claims on bonds and claimants make claims on them. To speak with one of our experienced attorneys, contact us or call 803.929.0096.