California Government Code

§ 66499.3

GOV § 66499.3Div. 2 · Title 7 · Ch. 5

Statute text

Security to guarantee the performance of any act or agreement shall be in the following amounts:

(a)An amount determined by the legislative body, not less than 50 percent nor more than 100 percent of the total estimated cost of the improvement or of the act to be performed, conditioned upon the faithful performance of the act or agreement; and

(b)An additional amount determined by the legislative body, not less than 50 percent nor more than 100 percent of the total estimated cost of the improvement or the performance of the required act, securing payment to the contractor, to the subcontractors, and to persons furnishing labor, materials, or equipment to them for the improvement or the performance of the required act.

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Legislative history

Amended by Stats. 1988, Ch. 1308, Sec. 4.