Oregon Senate Bill 416, effective as of June 14, 2017, requires a surety bond from subcontractors who want to complete public works contracts. The bond amount is $30,000. Such a public works bond is already required of contractors working on such projects.
The requirement is now extended also to subcontractors awarded a public works contract by a contractor or a subcontractor. The purpose of the bond is to ensure the due payment of prevailing wages. Certain businesses such as disadvantaged, minority-owned, woman-owned, service-disabled veteran-owned, and certified emerging small companies can obtain a four year waiver from the bond requirement.
Written by {{author.AuthorName}} - {{author.AuthorPosition}}, {{author.Company}} {{author.Company}} Contact Info: {{author.OfficePhone}} , {{author.EmailAddress}}
{{comment.Text}}