Every person who has furnished labor or material in the prosecution of the work provided for in such contract, in respect of which such a performance bond is furnished under § 31-23-1 and who has not been paid in full therefor before the expiration of a period of six months after the day on which the last of the labor was done or performed by him or material furnished or supplied by him for which such claim is made, shall have the right to sue on such bond for the amount, or the balance thereof, unpaid at the time of the institution of such suit and to prosecute said action to final execution and judgment for the sum or sums justly due him.
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