Section 24-105-202 - Contract performance and payment bonds - applicability(1) When a construction contract is awarded in excess of one hundred fifty thousand dollars, the following bonds or security shall be delivered to the state and shall become binding on the parties upon the execution of the contract: (a) A performance bond satisfactory to the state, executed by a surety company authorized to do business in this state or otherwise secured in a manner satisfactory to the state, in an amount equal to fifty percent of the price specified in the contract; and(b) A payment bond satisfactory to the state, executed by a surety company authorized to do business in this state or otherwise secured in a manner satisfactory to the state, for the protection of all persons supplying labor and material to the contractor or its subcontractors for the performance of the work provided for in the contract. The bond shall be in an amount equal to fifty percent of the price specified in the contract.(2) Nothing in this section shall be construed to limit the authority of the state to require a performance bond or other security in addition to those bonds or in circumstances other than those specified in subsection (1) of this section.(3) Suits on payment bonds and labor and payment bonds shall be brought in accordance with sections 38-26-105 to 38-26-107, C.R.S.(4) This section applies to all construction contracts awarded to a private entity for construction that is situated or located on publicly owned property using any public or private money or public or private financing.Amended by 2019 Ch. 117, § 2, eff. 8/2/2019.Amended by 2014 Ch. 378, § 64, eff. 6/6/2014.L. 81: Entire article added, p. 1273, § 1, effective 1/1/1982. L. 2004: IP(1) amended, p. 228, § 3, effective August 4. L. 2014: IP(1) amended, (HB 14-1387), ch. 1852, p. 1852, § 64, effective June 6. L. 2019: (4) added, (SB 19-138), ch. 494, p. 494, § 2, effective August 2. (1) For the legislative declaration in HB 14-1387, see section 1 of chapter 378, Session Laws of Colorado 2014. (2) For the legislative declaration in SB 19-138, see section 1 of chapter 117, Session Laws of Colorado 2019.