What is the bonding requirement for a successful bidder on a public works project estimated to cost more than $150,000?

For public works projects estimated to cost more than $150,000, the bonding requirement is aimed at ensuring that contractors can complete the work and pay their subcontractors and suppliers. A payment bond is crucial as it protects those who provide labor and materials on the project, ensuring that they will be compensated even if the contractor defaults.

The requirement for a payment bond at 50% of the contract price aligns with industry standards and legal mandates to safeguard the financial interests of all parties involved in the project. This substantial bond amount reflects the potential financial exposure faced by subcontractors and suppliers, and it also indicates the significant investment being undertaken in the project.

Having this bond not only satisfies legal requirements but also instills confidence in the project's stakeholders that there is a structure in place to manage financial responsibility and risk effectively. As such, Option C is the correct answer, highlighting the necessary financial security for large public works projects.