s_tra_2017a_2017-04-04t14:01:35z1 Hearing Summary

Date: 04/04/2017

Location: SCR 352

02:25 PM -- SB17-211



Senator Scott, prime sponsor, presented Senate Bill 17-211. When a contractor submits a bid for a construction project anticipated to cost more than $50,000, state law almost always requires that the bid proposal include a bid security bond for 5 percent of the contract price. Bid bonds are used to ensure that contractors submit serious bid proposals. A bid security bond is a guarantee made by an insurance company that a bidder has the capacity to complete a project if his or her bid is selected during the bid process. The bill requires a state agency to accept the amount of a bid security bond at face value, if such a bond is a prerequisite to responding to a competitive solicitation for a construction project.



Senator Scott distributed amendment L.002 (Attachment C).



17SenateTran0404AttachC.pdf



02:33 PM -- Wes Butorac, representing Flood Peterson, testified in support of the bill.



02:37 PM -- Scott Rons, representing Am Trust Surety, testified in support of the bill. He responded to questions from the committee.



02:42 PM -- Matt Huggins, representing Credit Suisse, testified in support of the bill. He responded to questions from the committee.

02:52 PM -- Andy Karsian, representing the Colorado Department of Transportation, responded to questions from the committee.





02:56 PM



Committee discussion ensued.

03:02 PM



The committee adjourned.