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NY A09024
Bill
Status
6/29/2010
Primary Sponsor
Susan John
Click for details
AI Summary
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Amends State Finance Law Section 137 to require payment bonds for public improvement contracts when a municipal corporation issues a permit subject to labor law compliance and the fiscal officer has enforcement power
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Adds requirement that permittees, contractors, or subcontractors furnishing workers must post a payment bond guaranteeing prompt payment to all persons providing labor or materials
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Maintains existing exemptions allowing performance and payment bonds to be dispensed with for contracts under $100,000 (or under $200,000 in certain circumstances not subject to multiple contract award requirements)
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Allows retention of 20 percent from progress payments when bonds are dispensed with, with up to 75 percent of retained amounts paid upon contract completion pending final estimate payment
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Takes effect immediately upon enactment
Legislative Description
Requires public contractors furnishing workers for a municipal project to post a payment bond, when the municipal fiscal officer has the power to enforce the public works requirements of article 8 of the labor law.
Last Action
REFERRED TO RULES
6/29/2010