Title 13, Chapter 10, Section 60
( 13-10-60)
Except as otherwise provided in Title 32, payment bonds shall be
required for all state public works construction contracts with an
estimated contract amount greater than $100,000.00; provided,
however, that the state may require a payment bond for public works
construction contracts that are estimated at $100,000.00 or less.
No public works construction contract requiring a payment bond shall
be valid for any purpose unless the contractor gives such payment
bond; provided, however, that in lieu of such payment bond, the
state, in its discretion, may accept a cashier's check, certified
check, or cash for the use and protection of all subcontractors and
all persons supplying labor, materials, machinery, and equipment in
the prosecution of work provided in the contract. The payment bond
or other security accepted in lieu of a payment bond shall be in the
amount of at least the total amount payable by the terms of the
initial contract and shall be increased if requested by the state as
the contract amount is increased. |