- Contracts of $150,000 or less, the public entity may retain 10% of the contract amount in lieu of bond for a period of 30 days after date of final acceptance.
- Amount of Bond: 100% of contract price on state jobs. May be as low as 25% on some for municipal jobs.
- Small business contracts less than $50,000 are excluded from obtaining payment and performance bonds. The public owner of the project assumes liability when the small business contractor fails to make payments.
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