Sec. 325.043. CONTRACTOR'S BOND. (a) A contractor shall execute a bond. The bond must be in an amount determined by the board, not to exceed the contract price, payable to the district, approved by the board, and conditioned on the faithful performance of the obligations, agreements, and covenants of the contract.
(b) The bond must provide that if the contractor defaults on the contract, the contractor will pay to the district all damages sustained as a result of the default. The district shall deposit the bond in its depository and shall keep a copy of the bond in its main office.
Added by Acts 1989, 71st Leg., ch. 437, Sec. 1, eff. Aug. 28, 1989.
Structure Texas Statutes
Title 10 - Parks and Other Recreational and Cultural Resources
Subtitle B - County Parks and Other Recreational and Cultural Resources
Chapter 325 - Sports Facility District Established by County
Subchapter C. Powers and Duties
Section 325.031. General Powers
Section 325.034. Suits; Payment of Judgments
Section 325.036. Acquisition of Property for Site
Section 325.037. Eminent Domain
Section 325.038. District to Enter Into Construction Contracts
Section 325.039. Bids on Contracts for Construction
Section 325.040. Change Orders
Section 325.041. Attachments to Construction Contracts
Section 325.042. Execution and Availability of Construction Contracts
Section 325.043. Contractor's Bond
Section 325.044. Monitoring Construction Work
Section 325.045. Payment for Construction Work
Section 325.046. Contracts for Purchase of Vehicles, Equipment, and Supplies Over $5,000