Section 16-6-112 - Contractor's performance and payment bond or other guarantee; when required; conditions; amount; approval; filing; enforcement upon default(a) Any contract entered into with a public entity for a public work where the contract price exceeds one hundred fifty thousand dollars ($150,000.00), shall require any contractor before beginning work under the contract to furnish the public entity a bond. If the contract price is one hundred fifty thousand dollars ($150,000.00) or less, the public entity may require the contractor to furnish any other form of guarantee approved by the public entity. The bond or other form of guarantee shall be: (i) Available and with such conditions that allow for the payment of all taxes, excises, licenses, assessments, contributions, penalties and interest lawfully due the state or any political subdivision;(ii) For the use and benefit of any person performing any work or labor or furnishing any material or goods of any kind which were used in the execution of the contract, conditioned for the performance and completion of the contract according to its terms, compliance with all the requirements of law and payment as due of all just claims for work or labor performed and materials furnished in the execution of the contract;(iii) In an amount not less than one hundred percent (100%) of the contract price unless the price is one hundred fifty thousand dollars ($150,000.00) or less, in which case the public entity may fix a sufficient amount;(iv) Approved by and filed with the appropriate officer, agent, governing body or other designee of the public entity.(b) A bond or other guarantee satisfactory to the public entity shall include the obligations specified under subsection (a) of this section even though not expressly written into the guarantee.(c) In default of the prompt payment of all obligations under the guarantee, a direct proceeding may be brought in any court of competent jurisdiction by the authorized officer or agency to enforce payment. The right to proceed in this matter is cumulative and in addition to other remedies provided by law.Amended by Laws 2020 , ch. 31, § 1, eff. 7/1/2020.Amended by Laws 2019 , ch. 134, § 1, eff. 2/27/2019.Amended by Laws 2017 , ch. 41, § 1, eff. 7/1/2017.Amended by Laws 2013 , ch. 134, § 1, eff. 7/1/2014.Amended by Laws 2012 , ch. 106, § 1, eff. 3/21/2012.