{"data":{"id":"us-ky/krs-45a.435","jurisdiction":"us-ky","citation":"KRS 45A.435","heading":"Contract performance and payment bonds.","body":"(1) When a construction contract is awarded in an amount in excess of one hundred\nthousand dollars ($100,000), the following bonds shall be furnished to the local\npublic agency, and shall become binding on the parties upon the award of the\ncontract:\n(a) A perf ormance bond satisfactory to the local public agency executed by a\nsurety company authorized to do business in this Commonwealth, or\notherwise supplied, satisfactory to the local public agency, in an amount equal\nto one hundred percent (100%) of the contra ct price as it may be increased;\nand\n(b) A payment bond satisfactory to the local public agency, executed by a surety\ncompany authorized to do business in this Commonwealth, or otherwise\nsupplied, satisfactory to the local public agency, for the protection  of all\npersons supplying labor and material to the contractor or his subcontractors\nfor the performance of the work provided for in the contract. The bond shall\nbe in an amount equal to one hundred percent (100%) of the original contract\nprice.\n(2) Nothing in this section shall be construed to limit the authority of the local public\nagency to require a performance bond or other security in addition to those bonds,\nor in circumstances other than specified in subsection (1) of this section, including,\nbut no t limited to, bonds for the payment of taxes and unemployment insurance\npremiums.","path":["KRS Chapter 45A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48790","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:07Z","sha256":"433f34ed7ba8dadf9897c74f89c33ba8f979e70f2e2832ba938136266c86990b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-45a.430","next":"us-ky/krs-45a.440"},"notice":"GroundRules: Original legal text. Not legal advice."}