MS HB869

Creates Section 85-7-432 to regulate private project construction bonds, requiring performance bonds and payment bonds in amounts not less than the contract value for private building and construction work.

Allows persons who performed labor or supplied materials and were not paid within 90 days after their last work to sue on the payment bond for unpaid amounts, with a one-year statute of limitations from the date of last labor or material supply.

Requires contractors and owners to furnish a true and correct copy of the contract and bonds to any person supplying labor or materials within 30 days of written request, or become liable for reasonable attorney's fees and costs in subsequent actions.

Permits trial judges to award reasonable attorney's fees to claimants when the contractor or surety's defense is found unreasonable or made in bad faith, and similarly allows fees awards to contractors or sureties if the action was brought without just cause.

Limits payment bond protection to subcontractors, material suppliers of subcontractors, and laborers who performed work on the project site, requiring notice to the contractor within 90 days for those without direct contractual relationships with the contractor.