52-118.02. Public building construction; bond; action; limitation; person to bring suit; rental equipment, defined.
Every suit instituted under section 52-118.01 shall be brought by any person entitled to the benefit of this action, but no such suit shall be commenced after the expiration of one year after the date of final settlement of the principal contract. The action shall be in the name of the party claiming the benefits of this action.
For the purposes of subsection (1) of section 52-118, equipment which is rented for a project covered by such subsection under a lease with an option to purchase shall be considered to be equipment rented under a straight lease agreement not to exceed the reasonable rental value of the equipment during the period such equipment is actually used on such project and unless and until the option to purchase is validly exercised under the contract.
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Final settlement under public building contract is a determination made and recorded in accordance with established administrative practice by the officer or department in charge that the contract has been completed and final payment is due. Zimmerman's Electric, Inc. v. Fidelity & Deposit Co., 194 Neb. 248, 231 N.W.2d 342 (1975).
Final settlement was made with respect to amount due following completion of the project which was accepted by the owner and action was barred one year thereafter. Boyd v. Benkelman Public Housing Authority, 188 Neb. 69, 195 N.W.2d 230 (1972).
Action on bond must be brought within one year after date of final settlement on principal contract. Westinghouse Electric Supply Co. v. Brookley, 176 Neb. 807, 127 N.W.2d 465 (1964).
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