A contractor's surety bond claim is paid out for $75,000. Under NRS 624, what must the contractor do regarding their bond coverage?
Correct Answer
A) Restore the bond to its original penal sum within 30 days
When a claim is paid against a contractor's surety bond, NRS 624 requires the contractor to restore the bond to its full original amount within 30 days to maintain license validity.
Why This Is the Correct Answer
When a claim is paid against a contractor's surety bond, NRS 624 requires the contractor to restore the bond to its full original amount within 30 days to maintain license validity.
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