HB 18-1383

House Bill 18-1383, which has been signed into law, updates Colorado's rules for construction projects that use both public and private money or financing on public land. The bill requires contractors working on these projects to provide performance bonds and payment bonds, ensuring they fulfill their obligations and pay subcontractors. However, it exempts contracts related to wildlife habitat improvements from this requirement. This means that all major construction projects receiving a mix of public and private funding will now have stronger financial safeguards in place, except for those focused on environmental conservation efforts.

Official Summary

Pursuant to current law, when a person, company, firm, corporation, or contractor (contractor) enters into a contract with certain governmental entities or governmental bodies to perform work in connection with certain projects, the contractor is required to execute performance bonds and payment bonds. The bill specifies that these bonding requirements apply to all construction contracts situated or located on public real property using public or private money, public or private financing, or public real property; except that the bonding requirements do not apply in the case of contracts for the development, restoration, or enhancement of wildlife habitat. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

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