If only a performance bond is given in accordance with this chapter and if suit is instituted on said performance bond only one (1) action shall be brought for performance and payment claims and any person entitled to sue may upon application intervene and be made a party to said suit and such intervention must occur within the time limited for such person to bring an original action; provided, however, if a separate payment bond is given then only one (1) separate action for payment claims shall likewise be brought on the payment bond and intervention shall be allowed in accordance with this statute.