CT SB00736

Establishes a Surety Bond Guarantee Program administered by the Commissioner of Administrative Services to assist emerging contractors unable to obtain bonding required for public construction projects.

Defines "emerging contractor" as one not prequalified under state law who cannot obtain bonding or work as a substantial subcontractor on public projects costing over $500,000 funded with state funds.

Limits program participation to five years from an emerging contractor's initial application date.

Exempts emerging contractors participating in the program from standard bonding requirements under section 49-41 of the general statutes.

Takes effect October 1, 2011.