A subcontractor shall provide a performance and payment bond on a public works building project if the subcontractor's contract for work to be performed on a project is one hundred twenty-five thousand dollars ($125,000) or more.
History: Laws 2005, ch. 99, § 1; 2007, ch. 265, § 1.
ANNOTATIONSCross references. — For the definition of a state public works project, see 13-1-91 NMSA 1978.
For the definition of a local public works project, see 13-1-66.1 NMSA 1978.
The 2007 amendment, effective July 1, 2007, increased the minimum contract amount from $50,000 to $125,000.
Applicability. — Section 13-1-148.1 NMSA 1978 applies only to a subcontractor that contracts directly with the primary contractor and only to subcontractor contracts that were executed after the effective date of Section 13-1-148.1 NMSA 1978. 2005 Op. Att'y Gen. No. 05-02.