What must a selected contractor provide within ten days of contract award notification for projects estimated to cost more than $50,000?

A payment bond is a crucial requirement for contractors working on projects that exceed a certain financial threshold, such as $50,000. This bond serves as a guarantee that the contractor will fulfill their payment obligations to subcontractors, suppliers, and laborers involved in the project. The primary purpose of requiring a payment bond is to protect the interests of those who provide labor and materials, ensuring they can recover their payments if the contractor fails to pay.

In many jurisdictions, including public construction projects, this requirement is part of the legal framework to promote fairness and financial security within the construction industry. Providing a payment bond within ten days of contract award notification ensures that the contractor is committed to meeting their obligations and allows project owners to have confidence in the contractor's financial reliability.

While the other options, such as a contract agreement, insurance policy, and work schedule, are also important, they do not carry the same immediate legal and financial protections for third parties. The payment bond specifically addresses the contractor's responsibility to honor their payment commitments, making it a distinct priority in the context of contract award procedures.