Concerns with HB 5487, legislation to increase surety bond threshold

On behalf of the members of the National Association of Surety Bond Producers (NASBP), a national trade organization of professional surety bond producers, whose membership includes resident and non-resident firms employing licensed surety bond producers placing bid, performance, and payment bonds throughout the U.S., including Connecticut, I am contacting you regarding our concerns with House Bill 5487, which increases the statutory bond threshold on contracts awarded from $100,000 to $200,000. Such an increase would mean that many more taxpayer-funded construction contracts would be procured without the vital assurance of performance and payment guarantees.

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