House Bill (H)

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Performance bond requirements. Provides that a local governmental unit and a land developer may agree to the partial release of a performance bond or other surety required of the land developer to ensure the completion of certain unfinished improvements and installations in a subdivision on a more frequent basis than an annual basis. (Under current law, a performance bond or other surety may be partially released on an annual basis, which would continue to be permitted.) Provides that a contractor is not required to submit a payment bond for a public works contract of a state educational institution if the Performance bond requirements. Provides that a local governmental unit and a land developer may agree to the partial release of a performance bond or other surety required of the land developer to ensure the completion of certain unfinished improvements and installations in a subdivision on a more frequent basis than an annual basis. (Under current law, a performance bond or other surety may be partially released on an annual basis, which would continue to be permitted.) Provides that a contractor is not required to submit a payment bond for a public works contract of a state educational institution if the amount to be paid under the contract is less than $500,000 and the state educational institution agrees to waive the requirement. Provides that a contractor is not required to submit a performance bond for a public works contract of a state educational institution if the amount to be paid under the contract is less than $500,000 and the state educational institution agrees to waive the requirement. Makes a technical change to make language in the statute uniform. ... View more