State University of New York Construction Revision

A new bill was enacted in New York State concerning construction projects for the State University of New York (SUNY). The new bill is named SB 2808 and is a budget bill that boosts the bonding threshold for the University construction contracts from $50,000 to $250,000; this change affects performance and payment bonds. The increase is planned to sunset on June 30, 2016. The State University of New York and the Governor alike were large supporters of this modification which is meant to provide more opportunities for smaller and emerging contractors.