A general contractor receives a payment bond claim from a subcontractor. Under typical payment bond provisions, what is the maximum time period after final payment that claims can be filed?
Correct Answer
D) 1 year
Most payment bonds allow claims to be filed within one year after final payment to the prime contractor, though this can vary by jurisdiction and bond terms.
Why This Is the Correct Answer
Most payment bonds allow claims to be filed within one year after final payment to the prime contractor, though this can vary by jurisdiction and bond terms.
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