Ratified unanimously by the North Carolina Senate on May 1, 2013, North Carolina SB 75 allows for partnerships between public and private entities in Oslow County.
The passed legislation serves to help streamline the process toward much needed infrastructure improvement and is effective as soon as it becomes law.
Section 1.(f) details the surety bond requirements necessary for this newly allowed public-private partnership:
“A payment bond shall be required for any development contract as follows: A payment bond in the amount of one hundred twenty‑five percent (125%) of the total anticipated amount of the construction contracts to be entered into between the private developer and the contractors to construct the improvements required by the development contract.”
Click here for a full text on NC SB 75.
If you need a surety bond in North Carolina or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday, 8 a.m. to 7 p.m. CST. You’ll be connected with an expert surety specialist who will walk you through each step of the bonding process.