Chapter 406.     AN ACT RELATIVE TO BID BONDS IN PUBLIC WORKS CONSTRUCTION CONTRACTS.

Be it enacted, etc.. as follows:

SECTION 1. Paragraph (a) of section 39M of chapter 30 of the General Laws, as appearing in the 1984 Official Edition, is hereby amended by striking out the third sentence and inserting in place thereof the following sentence:- The amount of such bid deposit shall be five per cent of the value of the bid.

SECTION 2. Section one shall apply only to contracts executed after the effective date of this act.

Approved October 18, 1985.