SB 481 – AS INTRODUCED
2008 SESSION
06/05
SENATE BILL 481
COMMITTEE: Commerce, Labor and Consumer Protection
This bill increases the amount of security required for persons who contract on behalf of the state for certain construction projects.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
08-2768
06/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT relative to the bond requirement for completion of local and state public works projects.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Bond Required. Amend RSA 447:16 to read as follows:
447:16 Bond Required. Officers, public boards, agents or other persons who contract in behalf of the state or any political subdivision thereof for the construction, repair or rebuilding of public buildings, public highways, bridges or other public works shall if said contract involves an expenditure of [$25,000] $100,000, and may if it involves an expenditure of less amount, obtain as a condition precedent to the execution of the contract, sufficient security, by bond or otherwise, in an amount equal to at least 100 percent of the contract price, or of the estimated cost of the work if no aggregate price is agreed upon, conditioned upon the payment by the contractors and subcontractors for all labor performed or furnished, for all equipment hired, including trucks, for all material used and for fuels, lubricants, power, tools, hardware and supplies purchased by said principal and used in carrying out said contract, and for labor and parts furnished upon the order of said contractor for the repair of equipment used in carrying out said contract.
2 Effective Date. This act shall take effect 60 days after its passage.