CT SB00948

Allows contractors or subcontractors awarded set-aside contracts to provide a letter of credit instead of a performance, bid, labor and materials, or other required bond, effective July 1, 2015.

Letter of credit must equal 10 percent of contract value for contracts under $100,000 and 25 percent for contracts exceeding $100,000.

Permits the Commissioner of Administrative Services to waive bond requirements for contracts under $500,000 awarded to certified contractors on lists established under section 4b-91.

Bond waivers are determined based on objective criteria including the applicant's past performance on similar projects, compliance with financial obligations, and the size, scope, and complexity of the specific project.

Commissioner of Administrative Services must adopt regulations establishing procedures and criteria for the bond waiver application and approval process.