Mechanic's Liens and Surety Bonds in South Carolina
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Mechanic's Liens and Surety Bonds in South Carolina
- 9. When a construction contract is awarded pursuant to Section 11-353020, the following bonds or security shall be delivered to the using agency and shall become binding on the parties upon the execution of the contract: (i) a performance bond satisfactory to the State, executed by a surety company meeting the criteria established by the board in regulations, or otherwise secured in a manner satisfactory to the State, in an amount equal to one hundred percent of the price specified in the contract; (ii) a payment bond satisfactory to the State, executed by a surety company meeting the criteria established by the board in regulations, or otherwise secured in a manner satisfactory to the State, for the protection of all persons supplying labor and material to the contractor or its subcontractors for the performance of the work specified in the contract. The bond shall be in an amount equal to one hundred percent of the contract price. (iii) in the case of a construction contract valued at fifty thousand dollars or less, the using agency may waive the requirements of (i) and (ii) above, provided that the using agency has protected the State. Page 9 www.WallTempleton.com
- 50. Project Name Owner GC Date last Material Shipped Date notice of Furnishing Material Date Notice of Commence Date Building Permit Account Balance Okraberry at the The Ocean Co. Farm Happy GC 01/29/10 02/12/09 104247.78 Fairway Oaks & Ocean Breezes Happy GC 09/23/09 02/12/10 12863.62 Dept. of Social SC Dept. of ABC Builders Services Special Social Services Needs Center Midlands Center 08/02/09 02/04/10 01/22/09 10/15/08 20874.12 Hogbreath Island Shelbray Assoc., ABC Builders Island LP 01/09/10 02/04/10 11/13/08 10/29/08 43800.75 IGA Store 01/24/10 02/04/10 11/14/08 10/26/08 43460.85 08/30/09 02/04/10 11/14/08 10/26/08 15257.68 01/24/10 02/12/10 04/29/09 04/23/09 6608.06 IGAStore Teakwood Townhouses AC Development ABC Builders Club, LLC AC Development ABC Builders Club, LLC Seascape, LLC Happy GC Page 50 www.WallTempleton.com