MS HB1060

Increases the threshold for when performance bonds and payment bonds are required in public works contracts from $25,000 to $75,000 for counties, cities, and other public authorities.

Maintains a $5,000 threshold for contracts with the state, while raising the county/city threshold to $75,000 for requiring general liability insurance coverage.

Requires general contractors to be liable for any amount of general liability insurance coverage below the required $1,000,000 minimum that a subcontractor lacks or is underinsured for.

Allows owners to elect lump-sum payments at job completion without requiring performance or payment bonds when contracts are under $75,000.

Takes effect July 1, 2024.