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HB 1035 - Performance and Payment Bond Modification - North Carolina Key Vote

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Title: Performance and Payment Bond Modification

Signed by Governor Bev Perdue


See How Your Politicians Voted

Title: Performance and Payment Bond Modification

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that requires contracting bodies to issue performance and payment bonds for construction contracts.

Highlights:

-Requires a contracting body from any contractor or construction manager at risk with a contract of more than $50,000 to issue a performance and payment bond for any project where the total amount of construction contracts exceed $300,000; except in regards to construction contracts awarded for state departments, state agencies, or the University of North Carolina consortium where the total amount of construction contracts must exceed $500,000 (Sec. 1).

Full Bill Text

See How Your Politicians Voted

Title: Performance and Payment Bond Modification

Vote Smart's Synopsis:

Vote to pass a bill that requires contracting bodies to issue performance and payment bonds for construction contracts.

Highlights:

-Requires a contracting body from any contractor or construction manager at risk with a contract of more than $50,000 to issue a performance and payment bond for any project where the total amount of construction contracts exceed $300,000; except in regards to construction contracts awarded for state departments, state agencies, or the University of North Carolina consortium where the total amount of construction contracts must exceed $500,000 (Sec. 1).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Full Bill Text

Title: Performance and Payment Bond Modification

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