SB 17-211

Senate Bill 17-211, also known as "Contractor Surety Bonds For Public Projects," requires contractors bidding on Department of Transportation projects to provide a surety bond instead of relying solely on their financial statements. This means that even if a contractor's financial records suggest they might not be able to complete the project successfully, they won't automatically be disqualified from getting the contract as long as they can secure the required bond. The bill is now signed into law and will affect contractors bidding for public transportation projects in Colorado.

Official Summary

When responding to a solicitation issued by the department of transportation (department), contractors are required to secure a bid in the form of a bond. If the contractor can furnish such bond in the required amount, the bill prohibits the department from eliminating the contractor from consideration of an award based on a financial statement that the contractor submitted to the department for the department's contractor prequalification determination process. The bill specifies that the prohibition applies even if the contractor's financial statement submitted for prequalification purposes indicates that the contractor may not be able to perform the applicable contract to the level and amount reflected in the bond. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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