Section 36-91-72. Action on performance bond

   The obligee in any performance bond required to be given in accordance with this article shall be entitled to maintain an action thereon at any time upon any breach of such bond; provided, however, no action can be instituted on the bonds or security deposits after one year from the completion of the contract and the acceptance of the public work by the governmental entity.

Code 1981, § 36-91-52, enacted by Ga. L. 2000, p. 498, § 1; Code 1981, § 36-91-72, as redesignated by Ga. L. 2001, p. 820, § 12.