Loading chat...
NY S06135
Bill
Status
8/21/2009
Primary Sponsor
Diane Savino
Click for details
AI Summary
-
Amends State Finance Law Section 137 to require payment bonds when a municipal corporation issues a permit subject to Labor Law Section 220 compliance and the fiscal officer has enforcement power.
-
Requires the permittee, contractor, or subcontractors furnishing workers to post a payment bond guaranteeing prompt payment to all persons providing labor or materials.
-
Maintains existing exemptions allowing performance and payment bonds to be dispensed with for state contracts under $100,000 and non-multiple award contracts under $200,000.
-
Requires 20% retention from progress payments when bonds are dispensed with, with up to 75% of retained amounts paid upon contract completion.
-
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
REPORTED AND COMMITTED TO RULES
6/15/2010