OWNERS BEWARE: PAYMENT BONDS MUST BE FILED WITH COUNTY CLERK

Either at its own election, or because a construction lender requires it, many owners of construction projects require their general contractor to issue a labor and material payment bond, which essentially serves to guarantee prompt payment to those who supply labor, material and equipment to the project.  But the mere tendering to the owner by the contractor of the original payment bond from the surety is not enough.  That bond must also be publicly filed. Click here for full article:  Owners Beware_NYREJ