South Dakota Codified Laws 46A-5-14. Contractor’s bond–Sureties–Approval by board of directors–Terms
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The person or persons to whom a contract may be awarded shall enter into a bond with good and sufficient sureties, to be approved by the board of directors, payable to such district for its use, in an amount equal to the contract price for the faithful performance of the contract.
Terms Used In South Dakota Codified Laws 46A-5-14
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SDC 1939, § 61.0919; SDCL, § 46-13-14; SL 1976, ch 277, § 10.