Introduced House Bill (H)

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DIGEST

Performance bonds for state highway contracts. Provides that, after June 30, 2015, the department of transportation (department) shall require the lowest and best bidder for a state highway contract to submit a performance bond payable to the state not more than 10 days after the contract is let. (Current law requires each bidder for a contract for a project with an estimated cost of more than $200,000 to submit a bid guarantee and a performance bond.) Provides that, if a bidder fails to submit the performance bond within 10 days, the department shall let the contract to the next lowest Performance bonds for state highway contracts. Provides that, after June 30, 2015, the department of transportation (department) shall require the lowest and best bidder for a state highway contract to submit a performance bond payable to the state not more than 10 days after the contract is let. (Current law requires each bidder for a contract for a project with an estimated cost of more than $200,000 to submit a bid guarantee and a performance bond.) Provides that, if a bidder fails to submit the performance bond within 10 days, the department shall let the contract to the next lowest and best bidder. Provides that a bid guarantee or performance bond must be on forms: (1) specified by the department; or (2) provided by surety companies and approved by the department. ... View more