Department of Transportation: retention proceeds: State Contract Act: bids: bidder's security.

Existing law prohibits the Department of Transportation, until January 1, 2014, from withholding retention proceeds when making progress payments for work performed by a contractor. This bill would make these provisions operative until January 1, 2020. The bill would also make a statement of legislative findings. The State Contract Act, generally requires bids to be presented under sealed cover and accompanied by bidder's security in the form of cash, a cashier's check, a certified check, or a bidder's bond, as provided. This bill would allow as acceptable forms of bidder's security, an electronic bidder's bond by an admitted surety insurer, a signed bidder's bond by an admitted surety insurer, and cash, a cashier's check, or certified check, as provided.