The surety company may cancel the bond upon giving how many days notice to the board and to the contractor by certified mail?

A surety company typically must provide a notice period before canceling a bond to ensure that all parties involved, including the board and the contractor, have adequate time to respond to the cancellation. In this context, a 60-day notice period is standard for many surety bonds, providing the necessary time for the contractor to secure an alternative bond or take other required actions in response to the cancellation. This period is designed to protect the interests of both the bonding company, which may want to limit its risk, and the contractor, who still needs to meet contract obligations and maintain compliance throughout the transition.

When considering the options, shorter notice periods like 15 or 30 days may not provide sufficient time for the contractor to adequately address the implications of the bond's cancellation, while a notice period of 90 days might be overly lengthy and could hinder the surety company's ability to manage its risk efficiently. Therefore, the 60-day requirement strikes a balance that supports both the surety's interests and the contractor's operational needs.