Public works contracts; revise contract threshold amounts relating to performance bond and general liability insurance requirements.

An Act To Amend Section 31-5-51, Mississippi Code Of 1972, To Increase From $25,000.00 To $75,000.00 The Threshold Amount For Public Works Contracts Under Which An Owner May Elect To Make A Lump-sum Payment At Completion Of The Contract Instead Of Requiring A Performance Bond Or Payment Bond; To Increase From $25,000.00 To $75,000.00 The Threshold Amount Under Which Any Person Entering Into A Formal Contract With A County, City Or Other Public Authority For The Construction, Alteration, Or Repair Of Any Public Building Or Public Work, Must Furnish Proof Of General Liability Insurance Coverage In An Amount Not Less Than $1,000,000.00 For Bodily Injury And Property Damage; To Provide That For Any Contract With The State Which Exceeds $5,000.00, Or With A County, City Or Other Public Authority Which Exceeds $75,000.00, For The Construction, Alteration Or Repair Of Any Public Building Or Public Work, If A Subcontractor Of The General Contractor For The Contract Does Not Have General Liability Insurance Coverage In The Required Minimum Amount, Then The General Contractor Shall Be Liable For Any Amount Under Such Minimum Amount Of Coverage For Which The Subcontractor Is Underinsured Or Not Insured; And For Related Purposes.