If only a performance bond has been provided in accordance with this chapter and if no suit shall be brought by the obligee within six (6) months from the date of the earlier of final completion or actual use or occupancy of the project for its intended purpose, then any person supplying labor or materials to the bond principal on the project shall have a right of action on said bond for his use and benefit against said bond principal and the sureties thereon and to prosecute same to final judgment and execution, subject to the rights and demands of the bond obligee.
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