- 1. For construction services costing $50,000 or higher, the agency shall require the chosen provider to deliver to the agency a performance bond and a payment bond in amounts equal to 100% of the price specified in the contract and executed by a surety company authorized to do business in this state or in any other form satisfactory to the agency;
- 2. For construction services costing less than $50,000, the agency may require a performance bond and a payment bond as described in R850-11-700(1) if it determines that requiring such bonds is in the best interests of the trust.
KEY: government purchasing
Date of Last Change: August 8, 2024
Notice of Continuation: April 4, 2022
Authorizing, and Implemented or Interpreted Law: 53C-1-201(3)