We are selling material to a General Contractor for an airplane hangar being sold to a private company. The airplane hangar will be erected on property owned by the City of Laurel MS. Is the owner of the hangar required to have a payment bond? The project is less than $100k. Thank you.
Thank you for reaching out. Check out this Levelset article that may address your question: https://www.levelset.com/bond-claim/mississippi-bond-claim-faqs/ I hope you find your answer there, if not, you may visit our attorney directory page for Mississippi to find an attorney in your area.
Hello,
Since the project you mentioned involves property owned by the City of Laurel, it is possible that they may have their own regulations or requirements regarding payment bonds for construction projects. It would be advisable to consult the local laws and regulations, as well as any contracts or agreements related to the project, to determine if a payment bond is required. windows 10 help page
Additionally, the size of the project, in this case, being less than $100,000, could impact whether a payment bond is necessary. In some jurisdictions, projects below a certain threshold may not require a payment bond. However, this can vary, so it's important to verify the specific requirements applicable to the project location.