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SB17-211

Contractor Surety Bonds For Public Projects

Concerning a requirement that a state agency accept the full amount of a bid security bond issued by a surety company to a prospective contractor for a public project.
Session:
2017 Regular Session
Subject:

Prospective contractors for public projects are often required to obtain a bid security bond executed by a surety company as a prerequisite for responding to a competitive solicitation issued by a state agency. The bill specifies that if such a bond is required, the state agency is required accept the full amount of the bond and shall not reduce the amount of the bond for the purposes of determining whether the contractor satisfies any prequalification criteria established by the state agency.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Under Consideration

Bill Text

Upcoming Schedule