It is enacted by the General Assembly as follows:

SECTION 1. Section 37-13-14 of the General Laws in Chapter 37-13 entitled "Labor and Payment of Debts by Contractors" is hereby amended to read as follows:

{ADD 37-13-14. Contractor's bond. -- ADD} (a) The state or any city, town, agency, or committee therein awarding contracts for public works shall require the contractor awarded a contract with a contract price in excess of {DEL one thousand dollars ($1,000) DEL} {ADD five thousand dollars ($5,000) ADD} for public works to file with the proper authority good and sufficient bond with surety furnished by any surety company authorized to do business in the state, conditioned upon the faithful performance of the contract and upon the payment for labor performed and material furnished in connection therewith, such bond to contain the terms and conditions set forth in chapter 12 of this title, and to be subject to the provisions of that chapter.

(b) Provided, however that for good cause shown in state public works contracts, the director of the department of administration may waive the requirements of this section in regards to materials furnished only for contracts not in excess of fifty thousand ($50,000) dollars.

SECTION 2. This act shall take effect upon passage.