WA looks to pass public-private partnership bill, surety bond requirement

public-private
Members of the Washington House of Representatives seek approval for a bill that would allow for public-private partnerships on non-toll transportation projects. The legislation, WA HB 1979, has not yet passed onto a third reading and is, as it stands currently, under review and revision by the Rules Committee.
If this public-private partnership bill passes, companies doing business with the State would need a payment surety bond to ensure the payment of workers and materials.

Section 11 details how this surety bond would work.

“That on contracts of thirty-five thousand dollars or less, at the option of the contractor the respective public entity may, in lieu of the bond, retain fifty percent of the contract amount for a period of thirty days after date of final acceptance, or until receipt of all necessary releases from the department of revenue and the department of labor and industries and settlement of any liens filed under chapter 60.28 RCW, whichever is later.”

If you need a surety bond in Washington or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday, 7 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.