H1103
An Act relative to default insurance programs for certain public construction projects
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- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to establish and regulate default insurance programs for public construction projects in Massachusetts. It seeks to improve the security of trade contracts, particularly those secured by performance and payment bonds, which are often used to guarantee project completion. The legislation intends to provide a framework for managing risks associated with these projects and ensuring that contractors are compensated for their work, even if the project faces financial difficulties. Ultimately, the goal is to strengthen the financial stability of public construction endeavors.
Sponsors
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Primary sponsor
Daniel Cahill
Cosponsor
Daniel Cahill
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