No such suit shall be commenced prior to ninety (90) days from the date upon which the said person, co-partnership, association, or corporation furnished, supplied, or performed the last of the material or labor for which the said claim is made; and every such suit shall be commenced not later than one (1) year from the date of final settlement under the said contract with the Commonwealth, acting by or through its said department or agency, or with the said municipality.
53 P.S. § 1295