Wyoming § 16-6-112 Contractor's performance and payment bond or
other guarantee; when required; conditions; amount; approval;
filing; enforcement upon default

Wyoming Statutes

§ 16-6-112 — Contractor's performance and payment bond or other guarantee; when required; conditions; amount; approval; filing; enforcement upon default

Wyoming·Title 16 City, County, State and Local Powers·Ch. 6 PUBLIC PROPERTY·Art. 1 PUBLIC WORKS AND CONTRACTS

(a)Any contract entered into with a public entity for a public work where the contract price exceeds one hundred fifty thousand dollars ($150,000.00), shall require any contractor before beginning work under the contract to furnish the public entity a bond. If the contract price is one hundred fifty thousand dollars ($150,000.00) or less, the public entity may require the contractor to furnish any other form of guarantee approved by the public entity. The bond or other form of guarantee shall be:

(i)Available and with such conditions that allow for the payment of all taxes, excises, licenses, assessments, contributions, penalties and interest lawfully due the state or any political subdivision;

(ii)For the use and benefit of any person performing any work or labor or furnishing any mate

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(a) Any contract entered into with a public entity for a
public work where the contract price exceeds one hundred fifty
thousand dollars ($150,000.00), shall require any contractor
before beginning work under the contract to furnish the public
entity a bond. If the contract price is one hundred fifty
thousand dollars ($150,000.00) or less, the public entity may
require the contractor to furnish any other form of guarantee
approved by the public entity. The bond or other form of
guarantee shall be:
(i) Available and with such conditions that allow for
the payment of all taxes, excises, licenses, assessments,
contributions, penalties and interest lawfully due the state or
any political subdivision;
(ii) For the use and benefit of any person performing
any work or labor or furnishing any material or goods of any
kind which were used in the execution of the contract,
conditioned for the performance and completion of the contract
according to its terms, compliance with all the requirements of
law and payment as due of all just claims for work or labor
performed and materials furnished in the execution of the
contract;
(iii) In an amount not less than one hundred percent
(100%) of the contract price unless the price is one hundred
fifty thousand dollars ($150,000.00) or less, in which case the
public entity may fix a sufficient amount;
(iv) Approved by and filed with the appropriate
officer, agent, governing body or other designee of the public
entity.
(b) A bond or other guarantee satisfactory to the public
entity shall include the obligations specified under subsection
(a) of this section even though not expressly written into the
guarantee.
(c) In default of the prompt payment of all obligations
under the guarantee, a direct proceeding may be brought in any
court of competent jurisdiction by the authorized officer or
agency to enforce payment. The right to proceed in this matter
is cumulative and in addition to other remedies provided by law.

Wyoming § 16-6-112 (Contractor's performance and payment bond or other guarantee; when required; conditions; amount; approval; filing; enforcement upon default) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.