Colorado SB074 clarifies the penalty for public construction contractors who knowingly file excessive claims.

Colorado SB074 amends the state's statutes to clarify that a public construction contractor who knowingly files a verified statement of claim or asserts a bond claim for an excessive amount forfeits all rights related to that claim. This aligns the penalty for excessive claims in public construction with that of private construction, ensuring consistency in the law. The contractor becomes liable for all costs and attorney fees incurred by the project owner in contesting the excessive claim.

Colorado SB074 clarifies the penalty for public construction contractors who knowingly file excessive claims.

Colorado SB074 amends the state's statutes to clarify that a public construction contractor who knowingly files a verified statement of claim or asserts a bond claim for an excessive amount forfeits all rights related to that claim. This aligns the penalty for excessive claims in public construction with that of private construction, ensuring consistency in the law. The contractor becomes liable for all costs and attorney fees incurred by the project owner in contesting the excessive claim.