Loading chat...
CT SB01135
Bill
Status
2/24/2023
Primary Sponsor
Planning and Development Committee
Click for details
AI Summary
-
Contracts exceeding $100,000 for construction, alteration, or repair of public buildings or works must include a performance bond provision effective July 1, 2023.
-
Performance bonds are not required for general bids or sub-bids with estimated labor and materials costs below $100,000.
-
Performance bonds are not required for bids submitted by consultants as defined in section 4b-55.
-
Municipalities may vote to waive performance bond requirements for contracts valued below $5 million pertaining to public building or public work construction, alteration, or repair.
-
Any performance bond furnished must identify the contract awardee as principal.
Legislative Description
An Act Authorizing The Waiver Of Certain Performance Bond Requirements.
Last Action
Public Hearing 03/10
3/6/2023