Verla Insko voted Yea (Concurrence Vote) on this Legislation.
Title: Performance and Payment Bond Modification
Signed by Governor Bev Perdue
Title: Performance and Payment Bond Modification
Vote to concur with Senate amendments and pass a bill that requires contracting bodies to issue performance and payment bonds for construction contracts.
-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).
Title: Performance and Payment Bond Modification
Vote to pass a bill that requires contracting bodies to issue performance and payment bonds for construction contracts.
-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.
Title: Performance and Payment Bond Modification
Title: Performance and Payment Bond Modification