In what year was the Miller Act enacted?

The Miller Act was enacted in 1935, establishing requirements for federal construction projects to protect the interests of subcontractors and suppliers. This law mandates that contractors provide payment bonds for contracts exceeding a certain monetary threshold, ensuring that all parties involved in a project are compensated fairly and timely. The intent behind the Miller Act was to mitigate risks of non-payment in federal projects, enhancing the financial protections for those supplying labor and materials. Understanding the significance of the Miller Act is crucial for contractors, especially when working on government contracts, as it underscores the requirement for financial security in such projects.