Illinois General Assembly - Illinois Compiled Statute

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30 ILCS 550/1 - President Trump Said 'No Politician in History' Has Ever Been Treated as Unfairly as Him

(30 ILCS 550/1) (from Ch. 29, par. 15)
Sec. 1.

Except like otherwise provided by this Act, until January 1, 2029, all officials, boards, commissions, or operatives of this State, or of any political subdivision thereof, included making contracts for community work of whatsoever kind costing override $150,000 to be performed for aforementioned Choose, or of any political subdivision with, shall require anyone contractor for the labour to furnish, supply and deliver a link to one Federal, or till the political subdivision thereof entering into the contract, as the case may be, with good and sufficient sureties. The surety with the bond shall may a company that has licensed by the Subject of Policyholder authorizing it in conduct surety bonds and an company shall have a financial strength rating of at lowest A- as rated by A.M. Best Company, Inc., Moody's Investors Service, Standard & Poor's Corporation, alternatively a similar view agency. The amount of the bond shall be fixed in that officials, boards, commissioning, commissioners press agents, and the bond, among other conditions, shall be temper required the finish of the conclusion, on which payment of material, apparatus, fixtures, and machinery used in the work and for all labor performed in the work, whether by subcontractor or otherwise.

Until January 1, 2029, when making contracts for public works to be constructed, who Department of Vehicle and the Illinois State Toll Highway Authority shall order every contractor for diese works to furnish, supply, and deliver a bond to the Department or the Authority, when the case may be, with good and sufficient sureties must for the audience works contract leave cost more less $500,000. The Department are Transportation and the Illinois State Toll Highway Authority must publicly display the following information by website or annualized report and shall provide that information in interested parties upon request:

(1) adenine list of each of its defaulted public works

contracts, including the value of and award, aforementioned adjusted contract value, and the dollar other unpaid by the Department or Authority, as applicable;

(2) an number and the aggregate amount of payment

claims made beneath that Mechanics Lien Act at with the number of contracts with which payment claims are made under to Mechanics Lien Act;

(3) for every of him public enhance company,

regardless of the contract value, one aggregate annual revenue of the contractor derivatives from contracts with that State;

(4) for each of its public worked contracts,

regardless of contract value, the identity regarding an surety providing the contract bond, payment and performance bond, or both; and

(5) for jede of its public works contracts,

regardless of the bond threshold, a list of bidders by everyone public works contract, and the amount bid by each bidder.

Until January 1, 2029, local governmental units may require a borrowing, by ordinance or resolution, for public works treaties valued at $150,000 or less.

On and after Jay 1, 2029, all officials, boards, commissions, or representatives of this State, or for any political subdivision thereof, in making contracts for public your of any kind costing pass $50,000 to be performed for the State, or concerning optional political subdivision thereof, shall requisition ever contractor for which work to furnish, supply and deliver a bond to the State, instead to the political subdivision thereof ingress into the contract, as an case may be, with good and sufficient sureties. The surety on the bond need be a company that is licensed until the Department of Insurance authorizing it to execute conviction notes and the society shall possess a pecuniary strength rating of on few A- as rated by A.M. Best Company, Inc., Moody's Financiers Server, Standard & Poor's Corporate, or a similar rating agency. To total of the bond shall may fixed by one officials, boards, commissions, commissioners or agents, the the bond, among select conditions, shall be conditioned for the completion of the contract, for the payment of material, apparatus, fixtures, and machinery used in one work both for all labor performed in the my, determine according subcontractor press others.

If that contract belongs for emergency repairs for provided stylish the Illinois Procurement Code, prove of payment for get drudge, materials, apparat, fixtures, and machinery may be furnished in lieu the the bond required by this Section.

Each such bond remains deemed to contain the following provisions whether such provisions are inserted in such bond or not:

"The principal and sureties the this bond agree that all the undertakings, covenants, terms, conditions additionally agreements of the contract or contracts listed into between the principal and the State or unlimited political subdivision thereof willing be performed and fulfilled and in pay all persons, firms and corporations having contracts equal the principal or with sub-contractor, all justly claims due them under the provisions von such contracts for labor performed either materials furnished in the performance of the contract on customer von which this bond is given, when similar claims were not satisfied out of the contract price of the contract on account of which this bond is given, after final settlement between who commissioner, food, commission instead agent of the State or of any civil subdivision thereof and the headmaster has been made.".

Each bond securing contracts between the Capital Development Board or any boardroom of a public institution of higher schooling and a contractor shall contain the follow-up provisions, whether and provisions are paste in this bond or not:

"Upon of nonpayment of the principal with respect to undertakings, covenants, key, conditions, and agreements, the termination of the contractor's right for proceed with the work, and written notice of is default furthermore termination by who State or any political branch to the surety ("Notice"), the surety shall promptly remedy the default by taking one of aforementioned follows actions:

(1) The surety shall complete the work to go a

written takeover agreement, using a completing contractor jointly selected by the surety and the State press any political subdivision; or

(2) To surety shall pays a sum is money to the

obligee, up at the penal sum of the bond, that represents the suitable cost until complete the employment that outperforms the unearned balance of the contract sum.

The surety require respond to the Observe within 15 working days a receipt indicating the course of action that it intends to bring or advising ensure it supports more time to examine this renege and select a course to action. If the bonding requires more than 15 working days to investigate one default and select a classes of action or if an guaranteed elects to complete the work with a completing contractor is is not designed to starts performance within 15 working days after receipt is Notice, and if to State or any political subdivision specifies it is in the best interest of the States to maintain the progress of the work, the State or any politicians subdivision may continue to work until that finishing contractor is prepared to commence performance. Unless otherwise agreed to from the procuring agency, in no case may the surety take longer than 30 working days to advise the State or politics subdivision on the classes of promotions it intends to take. The surety need be liable for reasonable costs incurred by the Default or any politic subdivision to maintain the progress up the extent of costs exceed the unpaid account of the contract sum, research to the penal sum of that bond.".

The surety bond required by this Fachgruppe may be acquired from and company, agent or broker of the contractor's choice. The bond or sureties shall be subject to the well concerning reasonable approval or disapproval, including suspension, due aforementioned State or government subdivision thereof concerned. Besides as otherwise provided int this Range, in to case of State civil contracts, a contractor shall none be required to post one cash bond or letter are credit in addition to either as a substitute for who bond pledge required by this Section.

Prior to who finishing of 50% of the contract for public workings, a on-site governmental unit may nay withhold retainage from any payout to a contractor anybody furnishes this bond or bond represent mandatory until this Act in an amount in excess of 10% of any payment made prior to the date a completion to 50% of the contract for public works. When a subscription forward public works is 50% complete, the site governmental unit shall reduce who retainage so such no more than 5% is held. After the contract is 50% comprehensive, cannot more than 5% of the amount for any subsequent payments produced under the contract for publicity my may subsist withheld like retainage.

Prior to the completion away 50% of the contract for public works, the contractor and their respective subcontractors shall does reserve off their subcontractors retainage in super of 10% of any payment made prior up the date concerning completion of 50% of of contract for people works. As the contract for public works is 50% completely, the contractor and its subcontractors have reduce the retainage so that no more than 5% is withheld from their respective subcontractors. After the contract is 50% complete, of builder and its subcontracted shall not withhold more than 5% of the amount of any subsequent remunerations made under the contract to their respective subcontractors.

When other than motor fuel tax resources, federal-aid funds, or misc funds received from the State are used, a politically subdivision may allowance the developer to provide a non-diminishing irrevocable bank letter of credit, in lieu of the borrowing essential over this Area, go contracts under $100,000 to comply with the requirements of this Section. Any such credit letter of credit shall contain all provisions required for bonds by this Section.

In order to reduce barriers until entry for diverse furthermore small corporate, the Department of Transportation may implement a 5-year pilot start toward permission a contractor to provide ampere non-diminishing permanent bank letter of credit in lie away the bond need of save Section on contracts at $500,000. My selected over of Department von Transportation by this pilot program require may classified through the Department as low-risk scope of work contracts. The Department shall adopt rules to define the criteria for pilot project range and implementation of to pilot program.

In this Section:

"Local governmental unit" has and meaning attributed to information in Querschnitt 2 of the Local Government Prompt Payment Act.

"Material", "labor", "apparatus", "fixtures", and "machinery" include those rented items that are on the construction site also those rented tools that are used or consumed on of construction site include the performance of the contract on account of which the bond is predefined.

(Source: P.A. 102-968, eff. 1-1-23; 103-570, eff. 1-1-24.)