Sec. 21.255. CONTRACTOR'S BOND. (a) A contractor shall execute a bond:
(1) in an amount determined by the board, not to exceed the contract price;
(2) payable to the district and approved by the board; and
(3) conditioned on the faithful performance of the contract.
(b) The bond must provide that a contractor pay to the district all damages sustained as a result of the contractor's default on the contract.
(c) The bond shall be deposited in the district's depository. A copy of the bond shall be kept in the district's office.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.01, eff. April 1, 2009.
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