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This entry was published on 2014-09-22
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SECTION 5-322.3
Payment bonds to be filed
General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 3
§ 5-322.3. Payment bonds to be filed. A copy of any payment bond
executed in connection with a contract for the improvement of real
property other than a contract for a public improvement, shall be filed
within thirty days of such execution by the owner of the improvement in
the office of the county clerk in the county in which the improvement is
to be undertaken; provided, however, that such filing shall be required
only where the contract for the improvement of real property is for an
amount in excess of one hundred thousand dollars. Any owner failing to
file such payment bond as provided herein shall be liable for the
reasonable attorney's fees, as determined by the court, of any claimant
successfully bringing an action or proceeding on the bond.