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.
Cross 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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.