(a) When suit is instituted on a performance bond given in accordance with this chapter,
it shall be commenced within one (1) year after the obligee shall have made final
payment on the contract; provided, however, if the contract is abandoned by the general
contractor as bond principal or is terminated by the bond obligee, suit shall be commenced
within one (1) year after the earlier of the abandonment by the bond principal or
termination by the bond obligee.
(b) When suit is instituted on a payment bond given in accordance with this chapter,
it shall be commenced within one (1) year after the day on which the last of the labor
was performed or material was supplied by the person bringing the action and not later.
(c) Any suit brought on a performance or payment bond given in accordance with this
chapter shall be brought in the county in which the contract or some part thereof
was performed or in the county in which service of process may be obtained upon either
the principal or the surety on such bond.
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