MAINE UPDATE (LD1639/HP1167)
John Murphy, AIA’s Northeast Regional Vice President, reports that LD1639/HP1167 was signed by the Governor on Tuesday April 13th and will take effect on July 12, 2010. The amendment sought by SFAA and AIA is included in the final version. As reported below the amendment requires performance and payment bonds or irrevocable letters of credit for any contractor performing construction work required by a public-private agreement with the Department of Transportation. The bond or letter of credit shall be in an amount equal to the cost of the construction work. Public Act Ch. 648 can be found at:
http://www.mainelegislature.org/legis/bills/display_ps.asp?PID=0&snum=124&paper=&ld=1639
Filed under: Construction Law, Surety Legal Issues, Surety Legislation
