Sec. 271.059. CONTRACTOR'S BONDS. If a contract is for the construction of public works and is required by this subchapter to be submitted to competitive bidding, the successful bidder must execute a good and sufficient payment bond and performance bond. The bonds must each be:
(1) in the full amount of the contract price; and
(2) executed, in accordance with Chapter 2253, Government Code, with a surety company authorized to do business in this state.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1995, 74th Leg., ch. 76, Sec. 5.95(17), eff. Sept. 1, 1995.
Structure Texas Statutes
Title 8 - Acquisition, Sale, or Lease of Property
Subchapter C. Certificate of Obligation Act
Section 271.042. Purpose; Conflict
Section 271.044. Subchapter Available to Certain Municipalities
Section 271.045. Purposes for Which Certificates May Be Authorized
Section 271.046. Additional Purposes for Certificates
Section 271.048. Claims and Accounts; Funding and Exchange
Section 271.049. Notice of Intention to Issue Certificates; Petition and Election
Section 271.050. Sale of Certificates
Section 271.051. Certificates as Investments or as Security for Deposits
Section 271.052. Certificates Payable From and Secured by Other Revenues
Section 271.0525. Refinancing Certificates Issued by County
Section 271.053. Certificates as Debt and Security
Section 271.054. Competitive Procurement Requirement
Section 271.055. Notice to Bidders
Section 271.056. Exemptions From Advertisement Requirement
Section 271.0565. Pre-Bid Conference
Section 271.057. Award of Contract
Section 271.058. Authority to Reject Bids
Section 271.059. Contractor's Bonds
Section 271.060. Change Orders
Section 271.061. Compensation on Unit Price Contracts
Section 271.062. Certain Contracts Not Required to Be in Writing
Section 271.063. Unconstitutional Procedure Corrected by Resolution of Issuer