G.S. 44a-26 provides that any local government that lets a construction contract for more than $30,000 shall require the contractor to execute a payment bond in the amount of one hundred percent (100%) contract amount, conditioned the prompt payment for all labor and/or materials for which a contractor or subcontractor liable. The payment bond shall be solely for the protection of the persons furnishing materials or performing labor for which a contractor or subcontractor is liable.
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