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Section 10222 Of Article 7. Contract Requirements From California Public Contract Code >> Division 2. >> Part 2. >> Chapter 1. >> Article 7.
10222
. (a) Each bond shall equal at least one-half of the contract
price, except as otherwise provided in Section 9554 of the Civil
Code, in the California Toll Bridge Authority Act (Chapter 1
(commencing with Section 30000) of Division 7 of the Streets and
Highways Code), or in subdivision (b).
(b) Notwithstanding subdivision (a), for projects with a contract price greater than two hundred fifty million dollars ($250,000,000), the Department of Transportation shall have the discretion to specify that the payment bond shall equal not less than one-half of the contract price or five hundred million dollars ($500,000,000), whichever is less.
(b) Notwithstanding subdivision (a), for projects with a contract price greater than two hundred fifty million dollars ($250,000,000), the Department of Transportation shall have the discretion to specify that the payment bond shall equal not less than one-half of the contract price or five hundred million dollars ($500,000,000), whichever is less.
