Title:
|
An Act concerning Bid and Contract Security for the purpose of amending the Code to increase the threshold for construction contracts requiring a bond and bid security to $100,000.
|
Title
An Act concerning Bid and Contract Security for the purpose of amending the Code to increase the threshold for construction contracts requiring a bond and bid security to $100,000.
Background
The proposed legislation will require a bid security for all construction contracts when the contract price is estimated by the County to exceed $100,000 and may require a bid security for contracts awarded by competitive sealed bidding or proposal if the contract is $100,000 or greater. The legislation also requires that prior to the award of any construction contract exceeding $100,000 in amount, a performance bond and a payment bond must be filed with the County.