We have an ongoing project that is nearing one year and need to renew/extend the Notice of Commencement. This NOC has bond information listed so will we need to update the bond amount listed?
Payment and performance bonds typically incur a yearly premium to keep them in effect. You may or may not need to update the bond amount, but you will want to make sure the general contractor has paid the premium to keep the bond in effect. As for the bond amount, that typically does not change in this situation even if you have had change orders since the beginning of the project that have changed the contract price. Once the project is bonded, it stays bonded.