Bringing Washington state government contracting provisions into compliance with federal law as it relates to small works bonding requirements.
Summary
Increases the threshold amount of a public works contract allowing a public entity to retain a percentage of payment in lieu of requiring a surety bond from $35,000 to $150,000.
Decreases the percentage of the amount of a public works contract retained by the public entity in lieu of a surety bond from 50 percent to 10 percent.
Increases the threshold amount of a public works contract allowing a public entity to accept full payment and performance bond from an individual surety from $100,000 to $150,000.
From the House Bill Report (SB 5734), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to bringing Washington state government contracting provisions into compliance with federal law as it relates to small works bonding requirements;
First reading, referred to State Government, Elections & Information Technology (Not Officially read and referred until adoption of Introduction report).