A contractor fails to pay subcontractors and suppliers totaling $75,000. Multiple claims are filed against the contractor's $15,000 bond. How are the claims resolved?
Correct Answer
C) Claims are paid proportionally up to bond limit
When claims exceed the bond amount, South Carolina law requires proportional payment to all valid claimants up to the bond limit.
Why This Is the Correct Answer
When claims exceed the bond amount, South Carolina law requires proportional payment to all valid claimants up to the bond limit.
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A subcontractor's workers compensation policy costs $18,000 annually for a payroll of $400,000. If the payroll increases to $520,000, what will be the new annual premium cost?
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A material supplier delivers $25,000 worth of lumber to a construction project but is not paid. Under South Carolina mechanics lien law, when must the supplier file their lien notice?