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.
Structure Texas Statutes
Subtitle D - State Purchasing and General Services
Chapter 2156 - Purchasing Methods
Subchapter A. Contract Purchase Procedure
Section 2156.001. Contract Purchase Procedure Authorized
Section 2156.0011. Comptroller Powers and Duties
Section 2156.0012. Authority to Adopt Rules
Section 2156.002. Solicitation of Bids Through Public Notice
Section 2156.003. Solicitation of Bids Through Bidders List; Bid Invitations
Section 2156.005. Bid Submission and Opening; Public Inspection
Section 2156.006. Submission of Additional Material With Bid
Section 2156.007. Contract Award
Section 2156.008. Rejection of Bids