§70-16-108. Surety bond - Approval of contract - Recoveries.
179 words·~1 min read·
/ok/title-70-schools/70-16-108A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The bidder to whom one or more contracts may be awarded shall make and execute a good and sufficient surety bond, payable to the State of Oklahoma, in a sum not less than Two Thousand Dollars ($2,000.00), nor more than Ten Thousand Dollars ($10,000.00), to be fixed by the Committee, conditioned that the contractor shall perform all of the conditions of the contract. Prior to acceptance, the contract shall be approved by an attorney for the State Department of Education and shall be in conformity with, and subject to, all of the provisions of this article.
The bond shall not be exhausted by a single recovery thereon but may be sued upon until the full amount thereof is recovered; and the Committee may, after twenty
(20)days' notice, require a new bond to be given, and in the event the contractor shall fail to furnish such new bond, such contract may at the option of the Committee be forfeited. Laws 1971, c. 281, § 16-108, eff. July 2, 1971; Laws 1993, c. 229, § 9, eff. July 1, 1993.