§74-2214. Contractors - Lessees - Performance bonds.
214 words·~1 min read·
/ok/title-74-state-government/74-2214·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Any person, natural or corporate, who submits a bid on a contract for work or services, or for the furnishing of materials, equipment, or supplies, or for the sale of any other thing of value where a contract is involved, shall submit, at the time of contract execution, a performance bond in such form and amount as may be required by the Commission, or any existing statutory provision. Any lessee leasing any portion of a state park, lake, or recreation area under the authority of any law shall submit a performance bond in such form and amount as may be required by the Commission.
All such bonds shall be in such form as is approved by law for other performance bonds made to the State of Oklahoma, and shall be deposited with the Secretary of State. This section is cumulative to existing law, and is intended to require performance security for contracts and leases involving state parks, lakes, and recreation
areas in those instances where no such bonds or other securities are presently required by law.
B. For the purpose of this section, performance bonds shall include, but not be limited to, cash payments, cashier's checks and irrevocable letters of credit. Added by Laws 2005, c. 363, § 15, eff. Nov. 1, 2005.