Bill
Bill > H3225
MA H3225
Relative to default insurance programs for certain public construction projects
summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
Relative to default insurance programs for certain public construction projects. State Administration and Regulatory Oversight.
AI Summary
This bill amends Section 8(a) of Chapter 149A of the General Laws to allow construction management at risk firms to obtain a subcontractor default insurance policy in lieu of payment and performance bonds for some or all trade contractors on certain public construction projects. The intention to use a subcontractor default insurance policy must be made known to trade contractors after the receipt of their bids, and any trade contractor not covered by the insurance policy must still submit a payment and performance bond. The trade contractors are required to include the anticipated bonding costs in their bids, and provide a credit to the construction manager at risk firm if they are covered by the subcontractor default insurance policy instead.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Accompanied a study order, see H4468 (on 06/09/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H3225 |
| Bill | https://malegislature.gov/Bills/192/H3225.pdf |
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