HB 147 Contracts; payment and performance bonds required in private construction projects.
Frank D. Hargrove, Sr. | all patrons    ...    notes
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Summary as introduced:
Contracts; payment and performance bonds required in private construction projects. Requires that within 10 calendar days of the execution of any contract exceeding $250,000, the prime contractor shall furnish to the owner either: (i) a performance bond in the sum of the contract amount conditioned upon the faithful performance of the construction contract by the prime contractor in strict conformity with the plans, specifications and conditions of the contract or (ii) a payment bond in the sum of the contract amount. The bond shall be for the protection of claimants who have and fulfill contracts to supply labor or materials to the prime contractor to whom the contract was awarded, or to any subcontractors, in furtherance of the work provided for in the contract, and shall be conditioned upon the prompt payment for all materials furnished or labor supplied or performed in the furtherance of the work. The bill specifies the procedure for making claims against such bonds.

Full text:
01/14/04  House: Presented & ordered printed, prefiled 12/30/03 046632320  pdf | impact statement

Status:
01/14/04  House: Presented & ordered printed, prefiled 12/30/03 046632320
01/14/04  House: Referred to Committee on General Laws
01/19/04  House: Assigned to General Laws sub-committee: 2
02/03/04  House: Continued to 2005 in General Laws (22-Y 0-N)
12/10/04  House: Left in General Laws