SECTION 1 Chapter 93A of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by adding the following section:-
Section 12. No person shall enter into a contract or agreement for the rehabilitation, reconstruction or remodeling of any existing building or structure for equal to or greater than $250,000 with a subcontractor unless such contract or agreement contains a performance bond, which for the purposes of this section, shall mean an irrevocable financial instrument as security for the faithful performance of the contract and which binds the contractor to fulfill its obligations under contract with any subcontractor. Notwithstanding any other provision of this chapter, a violation of this section shall be an unfair or deceptive act.
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