§444-16.5  Bond.  The contractors
license board may require each licensee, applicant, individual or corporate,
who is a specialty contractor to put up bond in the sum of not less than $5,000
executed by the licensee or applicant as principal and by a surety company
authorized to do business in the State as surety.



The board may require each licensee, applicant,
individual or corporate, who is a general contractor to put up a bond in the
sum of not less than $5,000 executed by the licensee or applicant as principal
and by a surety company authorized to do business in the State as surety.



The board, in exercising its discretion shall
take into consideration the licensee's or applicant's financial condition and
experience in the field.



The bond shall be in such form as the board may
prescribe, conditioned upon the payment of wages, as defined in section
104-1(6), to the employees of the contractor or any other person or entity
entitled to such wages when due, and giving employees or any other person or
entity entitled to such wages who have not been paid a right of action on the
bond in their own names; and upon the honest conduct of the business of the
licensee, and upon the right of any person injured or damaged by any wrongful
act of the licensee to bring an action on the bond; provided that any claim for
wages shall have priority over all other claims. [L 1969, c 234, §1; gen ch
1985; am L 1986, c 319, §2; ree L 1988, c 141, §50]