FINAL BILL REPORT
SB 5186
This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent. |
C 28 L 13
Synopsis as Enacted
Brief Description: Concerning contractor's bond.
Sponsors: Senators Roach, Conway, Benton, Chase and Shin.
Senate Committee on Governmental Operations
House Committee on Local Government
Background: When contracting for public works projects, state agencies and local governments must require contractors to provide surety bonds, usually equal to the full contract price. These bonds, sometimes called contractor bonds, are issued by surety companies, which agree to provide funds to complete contracts if contractors default. Contractor bonds must usually be made payable to the state. However, a city or town may optionally require that contractor bonds be made payable to the city or town, rather than the state.
Summary: Water-sewer districts may require that contractor bonds be made payable to the water-sewer district, rather than the state. Several nonsubstantive technical changes are made.
Votes on Final Passage:
Senate | 46 | 0 | |
House | 89 | 5 |
Effective: | July 28, 2013 |
June 30, 2016 (Section 2) |