SECTION 1: Section 2(a) of Chapter 142A of the General Laws is herby amended following subparagraph (6) by inserting the following new subparagraph:-
“(7) A contractor furnishing a performance and payment bond, lien and/or completion bond, or a bond equivalent approved by the registrar covering full performance and payment is exempt from subparagraph (6) and need not include as part of the contact, the statement regarding the time schedule of payments specified in subparagraph (6). A contractor furnishing such bon and/or bond equivalent as approved by the registrar may accept payment prior to completion.”
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