Section 10222 - Amount of required bond(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.Ca. Pub. Cont. Code § 10222
Amended by Stats 2010 ch 697 (SB 189),s 45, eff. 1/1/2011, op. 7/1/2012.Amended by Stats 2003 ch 186 (AB 1745), eff. 8/4/2003.