If passed, the bill would amend RCW 39.04.155 and 39.08.010, and make the following substantive changes:
- Contracts $35,000 or less would not require a bond
- On contracts between $35,000 and $100,000, in lieu of a bond, the county or public entity may retain 25% of the contract amount for a period of 30 days after final acceptance of the work
Currently, bonds are required on every project, with the state having the option to retain 50% of contract funds in lieu of a bond when the contract is less than $35,000.00.
The suggested amendment here seems to make practical sense.
Requiring a bond for tiny public contracts is a bit overkill, and the 50% retainage figure is near unworkable. The amended figures and bond requirements feels more aligned with the practical needs of smaller public projects.