Idaho Contractor's Performance Bond with Limitation of Right of Action

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Multi-State
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US-1008BG
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Word; 
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Description

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.
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FAQ

28-2-607. Effect of acceptance ? Notice of breach ? Burden of establishing breach after acceptance ? Notice of claim or litigation to person answerable over. (1) The buyer must pay at the contract rate for any goods accepted.

(b) Any person required under this act to collect, account for and pay over any tax imposed by this act, who wilfully fails to collect or truthfully account for and pay over such tax, and any person who wilfully attempts in any manner to evade or defeat any tax imposed by this act or the payment thereof, shall, in ...

For written contracts, the statute of limitations is five years. (Refer to §5-216.) For oral contracts, the statute of limitations is four years. (Refer to §5-217.)

Contractor bonds are required for any contractor wanting to become licensed in the state of Idaho.

Every person who wilfully resists, delays or obstructs any public officer, in the discharge, or attempt to discharge, of any duty of his office or who knowingly gives a false report to any peace officer, when no other punishment is prescribed, is punishable by a fine not exceeding one thousand dollars ($1,000), and ...

For collection of a debt on an account, where there is an agreement in writing, the statute of limitations is five years. (Refer to §5-216.) For collection of a debt on an account, where there is an oral agreement, the statute of limitations is four years. (Refer to §5-217.)

(1) An action for breach of any contract for sale must be commenced within four (4) years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one (1) year but may not extend it.

18-8201. Money laundering and illegal investment ? Penalty ? Restitution.

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Idaho Contractor's Performance Bond with Limitation of Right of Action