Effective October 1, 2010, the Federal Government will be inacting changes to surety bond requirements and new stimulus construction. Read on for further details of these changes.
Miller Act Surety Bonds to Be Required on Fewer Federal Construction Projects
Effective Oct. 1, 2010, contractors will have to furnish payment and performance bonds on federal construction projectsvalued at $150,000 or more, up from $100,000. In addition, the simplified acquisition threshold will increase from $100,000 to $150,000, and the prime contractor subcontracting plan threshold for construction will increase from $1 million to $1.5 million.
‘Buy American’ Requirements Effective Oct. 1 for New Stimulus Construction Contracts
Effective Oct. 1, 2010, subcontractors that enter into new construction contracts funded by the American Recovery and Reinvestment Act will be required to use only “iron, steel and manufactured goods used as construction material” that are produced or manufactured in the
For more information regarding both of these changes in federal contracting, contact the construction professionals at McKonly and Asbury, LLP or American Subcontractors Association at (703) 684-3450, Ext. 1333, or GovernmentRelations@asa-hq.com.