Bill > HB209

This bill increases the performance bond requirements for public works projects in Ascension Parish. Specifically, for any contract exceeding $250,000, the public entity must require a contractor to obtain a bond covering at least 50% of the total contract price. This bond serves to protect subcontractors and other claimants by ensuring they will be paid for their work and materials. The bill mandates that these bonds be statutory bonds, meaning their terms cannot be altered by changes in contract details, plans, or payment methods. Additionally, the bill requires that the bond be executed with approved surety or sureties and must be recorded with the contract in the parish recorder of mortgages office within 30 days of work beginning. This provision aims to provide greater financial protection and transparency for public works projects in Ascension Parish by ensuring contractors have sufficient financial backing and that the bonding details are officially documented.

Transportation and Infrastructure

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=HB209&sbi=y