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IN HB1361
Bill
Status
1/14/2015
Primary Sponsor
Holli Sullivan
Click for details
AI Summary
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After June 30, 2015, the Department of Transportation shall require the lowest and best bidder to submit a performance bond payable to the state within 10 days after the contract is let.
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If the lowest and best bidder fails to submit the performance bond within 10 days, the department shall award the contract to the next lowest and best bidder.
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Bid guarantees remain required for projects with estimated costs exceeding $200,000 and may be required for projects costing $200,000 or less.
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Bid guarantees or performance bonds must be provided on forms specified by the department or forms provided by surety companies and approved by the department.
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The effective date is July 1, 2015.
Legislative Description
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
Last Action
First Reading: referred to Committee on Roads and Transportation
1/14/2015