Bond Bits

• Contracts less than $7,500 are excluded from payment bond or other types of guarantee requirements.
• Contracts less than $150,000 require a payment bond or another form of guarantee approved by the state or political subdivision.
• Amount of Bond:
  • Contracts $7,500 through $150,000: 50% of contract price.
  • Contracts over $150,000: amount is at the owner’s choice.