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<br />SECTION 00610 <br />PERFORMANCE AND PAYMENT BONDI NG REQUIRnlENTS <br /> <br />Sections 38-26-105 and 38-26-106, C.R.S. 1973, as amended, shall apply to <br />all grants that require the contracting (or subcontracting) for construction <br />or facil ity improvements. These secti ons requi re: <br /> <br />1. <br /> <br />A payment bond on the ~art of the contractor for payment of all <br />amounts lawfully aue w en tne contract ~ce lS tor more than <br />$50,000. A "payment bond" is one executed n connection with a con- <br />tractor to assure payment as required by law of all persons supplying <br />labor and material in the execution of the work provided for in the <br />contract. (Section 38-26-105). <br /> <br />, - <br /> <br />2. A performance bond on the part of the contractor for <br />- -.- the"fuY'--amount--muu_uu_-uu-- H__.______ ot the <br />contract when the - contract - prlce--jS- for- more than $50,UUU. A <br />"performance bond" is one executed 1 n connecti on with a contract to <br />secure fulfill ment of all the contractor's ob 1 i ga ti ons under such <br />contract. (Secti on 38-26-106). The bonds shall be obtai ned from <br />companies holding certificates of authority as acceptable sureties. <br />A certified or cashier's check or a bank money order may be accepted <br />in lieu of a bond. <br /> <br />\_-- <br /> <br />00610-1 <br />