Effective: September 28, 1973
Latest Legislation: House Bill 200 - 110th General Assembly
Where surety bond is accepted from a surety company by the director of transportation on a contract it shall not be for more than ten per cent of the company's capital and surplus, unless the amount in excess of ten per cent is fully reinsured in some surety company that is authorized to transact business in this state.
The director may limit the total amount of insurance in force at any one time in any one company.
In the event of the insolvency of any surety, at any time prior to the completion of a contract, the director may require the contractor to furnish forthwith a new bond covering the uncompleted portion of the work.
Structure Ohio Revised Code
Title 55 | Roads-Highways-Bridges
Chapter 5525 | Construction Contracts
Section 5525.01 | Advertisement for Bids - Awarding of Contracts - Odot Letting Fund.
Section 5525.011 | Complying With Federal Surface Transportation Assistance Act.
Section 5525.02 | Qualification and Classification of Bidders.
Section 5525.03 | Application for Qualification.
Section 5525.04 | Financial Statement and Financial Audit.
Section 5525.05 | Rules - Lists of Qualified Bidders.
Section 5525.06 | Subcontractor Must Be Properly Qualified.
Section 5525.061 | Subcontract Approval.
Section 5525.07 | Notification of Final Action - Prequalification Review Board.
Section 5525.08 | Disposition of Bids of Unqualified Bidders - Nonresponsive Bids.
Section 5525.09 | False Statement With Respect to Financial Worth.
Section 5525.10 | Contracts Not to Be Awarded for More Than Cost Plus Five per Cent.
Section 5525.11 | Contract Upon a Unit Price Basis.
Section 5525.12 | Lumber Deemed Material.
Section 5525.13 | Limitation of Surety Bond and Insurance.
Section 5525.14 | Written Change Orders or Orders for Extra Work.
Section 5525.15 | Cost Estimates May Be Confidential.
Section 5525.16 | Contract Performance Bond and Payment Bond.
Section 5525.17 | Failure of Contractor or Surety to Complete Work.
Section 5525.18 | Contract With Foreign Corporation.
Section 5525.19 | Payment of Costs.
Section 5525.20 | Incentive and Disincentive Contract Provisions.
Section 5525.21 | Authorizing Minimal Amount of Foreign Steel Products in Bridge Projects.
Section 5525.22 | Demolition Contracts.
Section 5525.23 | Binding Dispute Resolution for Contract Controversies.
Section 5525.25 | Warranty Specifications in Bidding Documents.