When a contractor abandons the work on a public improvement or is legally excluded from work on a public improvement, the improvement shall be deemed completed for the purpose of filing claims as provided in this chapter, from the date of the official cancellation of the contract. The onlyfund available forthe payment ofthe claims ofpersons forlaborperformed or material furnished shall be the amount then due the contractor, ifany, and ifthat amount is insufficient to satisfy the claims, the claimants shall have a right of action on the bond given for the performance of the contract.
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