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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.
2017 Regular Session
State Government
Bill Summary

When responding to a solicitation issued by the department of transportation (department), contractors are required to secure a bid in the form of a bond. If the contractor can furnish such bond in the required amount, the bill prohibits the department from eliminating the contractor from consideration of an award based on a financial statement that the contractor submitted to the department for the department's contractor prequalification determination process. The bill specifies that the prohibition applies even if the contractor's financial statement submitted for prequalification purposes indicates that the contractor may not be able to perform the applicable contract to the level and amount reflected in the bond.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)


Became Law


Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details