Requires a surety bond for contractors and subcontractors on public improvements without a public fund.

The bill amends the lien law to require a surety bond for contractors and subcontractors on public improvements where no public fund has been established for the financing. The bond must be issued by a surety licensed in New York or an irrevocable letter of credit, in an amount equal to the cost of the construction work. This guarantees prompt payment to contractors, subcontractors, and those providing labor or materials. The requirement applies to public improvements with an estimated cost over $250,000.

Requires a surety bond for contractors and subcontractors on public improvements without a public fund.

The bill amends the lien law to require a surety bond for contractors and subcontractors on public improvements where no public fund has been established for the financing. The bond must be issued by a surety licensed in New York or an irrevocable letter of credit, in an amount equal to the cost of the construction work. This guarantees prompt payment to contractors, subcontractors, and those providing labor or materials. The requirement applies to public improvements with an estimated cost over $250,000.