Colorado HB1311 allows contractors to submit a surety bond in lieu of retainage in construction contracts.

Colorado HB1311 modifies the state's construction contract laws by allowing contractors to submit a surety bond in place of retainage. The bill defines "retainage bond" as a surety bond issued by an insurer licensed in Colorado. The bond must assure the person accepting it that the contractor will faithfully perform all contract provisions and pay all laborers, suppliers, and subcontractors. The property owner or contractor must accept a bond meeting these requirements and release the retainage covered by the bond.

Colorado HB1311 allows contractors to submit a surety bond in lieu of retainage in construction contracts.

Colorado HB1311 modifies the state's construction contract laws by allowing contractors to submit a surety bond in place of retainage. The bill defines "retainage bond" as a surety bond issued by an insurer licensed in Colorado. The bond must assure the person accepting it that the contractor will faithfully perform all contract provisions and pay all laborers, suppliers, and subcontractors. The property owner or contractor must accept a bond meeting these requirements and release the retainage covered by the bond.