HB1060: Performance bonds; increase threshold amount in public works contracts.

Legislative Summary

An Act To Amend Section 31-5-51, Mississippi Code Of 1972, To Increase The Threshold For Performance Bonds In Public Works Contracts From $25,000.00 To $75,000.00; To Provide That For Any Contract With The State Which Exceeds $5,000.00, Or With A County, City Or Other Public Authority Which Exceeds $75,000.00, For The Construction, Alteration, Or Repair Of Any Public Building Or Public Work, If A Subcontractor Of The General Contractor For The Contract Does Not Have General Liability Insurance Coverage In The Required Minimum Amount, Then The General Contractor Shall Be Liable For Any Amount Under Such Minimum Amount Of Coverage For Which The Subcontractor Is Underinsured Or Not Insured; And For Related Purposes.