Bonding Requirements For Public Projects Using Private Financing

Pursuant to current law, when a person, company, firm, corporation, or contractor (contractor) enters into a contract with certain governmental entities or governmental bodies to perform work in connection with certain projects, the contractor is required to execute performance bonds and payment bonds. The bill specifies that these bonding requirements apply to all construction contracts situated or located on public real property using public or private money, public or private financing, or public real property; except that the bonding requirements do not apply in the case of contracts for the development, restoration, or enhancement of wildlife habitat. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More