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MS HB498
Bill
Status
Failed
2/6/2013
Primary Sponsor
Tom Weathersby
Click for details
AI Summary
- Exempts public construction contracts under $50,000.00 from requiring performance bonds or payment bonds
- Allows project owners to make two equal payments of 50% of the contract amount instead of bonds
- Requires final payment to be withheld until project completion and acceptance by the governing agency
- Increases the threshold for bond exemption from $25,000.00 to $50,000.00
- Effective July 1, 2013
Legislative Description
Performance bonds and payment bonds; exempt requirement of for contracts less than $50,000.00.
Last Action
Died In Committee
2/6/2013
Committee Referrals
Public Property1/21/2013
Full Bill Text
No bill text available