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

HB 496 raises the threshold for requiring performance bonds and general liability insurance on public works contracts in Mississippi from $25,000 to $75,000. This means contractors working on projects under $75,000 with local governments can now choose a lump-sum payment at completion instead of providing bonds. For contracts over $75,000, contractors must provide $1 million in general liability insurance coverage, and general contractors become liable if subcontractors lack this coverage. The bill directly affects contractors, subcontractors, and public authorities managing construction, alteration, or repair projects for public buildings or infrastructure.