Colorado § 24-105-202 Contract performance and payment bonds - applicability

Colorado Statutes

§ 24-105-202 — Contract performance and payment bonds - applicability

Colorado·Title 24 Government·Art. Construction Contracts

(1)When a construction contract is awarded in excess of one hundred fifty thousand dollars, the following bonds or security shall be delivered to the state and shall become binding on the parties upon the execution of the contract:

(a)A performance bond satisfactory to the state, executed by a surety company authorized to do business in this state or otherwise secured in a manner satisfactory to the state, in an amount equal to fifty percent of the price specified in the contract; and

(b)A payment bond satisfactory to the state, executed by a surety company authorized to do business in this state or otherwise secured in a manner satisfactory to the state, for the protection of all persons supplying labor and material to the contractor or its subcontractors for the performanc

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(1)
When a construction contract is awarded in excess of one hundred fifty thousand
dollars, the following bonds or security shall be delivered to the state and shall
become binding on the parties upon the execution of the contract:

(a) A performance bond satisfactory to the state, executed by a surety
company authorized to do business in this state or otherwise secured in a manner
satisfactory to the state, in an amount equal to fifty percent of the price specified in
the contract; and

(b) A payment bond satisfactory to the state, executed by a surety company
authorized to do business in this state or otherwise secured in a manner
satisfactory to the state, for the protection of all persons supplying labor and
material to the contractor or its subcontractors for the performance of the work
provided for in the contract. The bond shall be in an amount equal to fifty percent of
the price specified in the contract.

(2) Nothing in this section shall be construed to limit the authority of the
state to require a performance bond or other security in addition to those bonds or
in circumstances other than those specified in subsection (1) of this section.

(3) Suits on payment bonds and labor and payment bonds shall be brought in
accordance with sections 38-26-105 to 38-26-107, C.R.S.

(4) This section applies to all construction contracts awarded to a private
entity for construction that is situated or located on publicly owned property using
any public or private money or public or private financing.

Colorado § 24-105-202 (Contract performance and payment bonds - applicability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 81: Entire article added, p. 1273, � 1, effective January 1, 1982. L. 2004: IP(1) amended, p. 228, � 3, effective August 4. L. 2014: IP(1) amended, (HB 14-1387), ch. 378, p. 1852, � 64, effective June 6. L. 2019: (4) added, (SB 19-138), ch. 117, p. 494, � 2, effective August 2.