What a stop payment notice release bond is
In a few states, an unpaid subcontractor or supplier can serve a stop payment notice (also called a stop notice) on the owner or construction lender, which then holds back money owed on the job. A release bond lets that money be paid out; the claimant then claims against the bond instead.
In Wyoming
Wyoming has no stop payment notice procedure. On public works, unpaid subcontractors and suppliers claim against the contractor's bond under Wyo. Stat. § 16-6-112, and on private jobs they use mechanic's liens, so there is no stop notice release bond.
You need this bond if you're
- A general contractor whose payments are being held
- A property owner or public agency holding funds
- A construction lender holding loan funds
What the surety looks at
The claim, the dispute behind it and your finances.