(a) All contractors with whom contracts are made by the department shall enter into good and solvent surety bond in an amount fixed by the department, conditioned that acceptance or service of process upon the commissioner shall be service on them as their agent duly authorized to that end, and for the full and faithful performance of every part and stipulation of the contract, especially the payment for all materials purchased and for all labor employed in the contemplated work. This bond shall be approved by the department and filed with its records.
(b) All actions on bonds furnished under this section shall name the commissioner as a party-defendant and may be instituted in any court of competent jurisdiction in this state, but no action on bonds shall be commenced after the expiration of one (1) year following the date of the first publication of the notice provided for in § 54-5-122 with respect to the involved project.
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