Sec. 2156.011. PERFORMANCE BOND. (a) The comptroller may require a performance bond before executing a contract.
(b) The comptroller may require the bond in an amount that the comptroller finds reasonable and necessary to protect the state's interests.
(c) Any bond required shall be issued on the condition that the bidder faithfully execute the terms of the contract.
(d) Any bond required shall be filed with the comptroller.
(e) Recoveries under the bond may continue until the bond is exhausted.
Added by Acts 1995, 74th Leg., ch. 41, Sec. 1, eff. Sept. 1, 1995.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 1071 (H.B. 1524), Sec. 64, eff. September 1, 2019.
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