(a) General rule.--Before a contract exceeding $10,000 is awarded to a prime contractor or construction manager for the construction, erection, installation, completion, alteration, repair of or addition to a public work or improvement of any kind, the contractor shall furnish to the township a payment bond for the protection of claimants supplying labor or materials to the prime contractor to whom the contract is awarded, at no less than 100% of the contract amount, conditioned for the prompt payment of the materials furnished or labor supplied or performed in the prosecution of the contract under the act of December 20, 1967 (P.L.869, No.385), known as the Public Works Contractors' Bond Law of 1967.
(b) Other requirements.--The bond requirement is in addition to any other bond requirement required by law to be given in connection with the contract.