South Dakota Codified Laws 31-23-1. Performance bond required–Amount of bond–Conditions of bond
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Except as provided in § 31-12-15, before any contract is entered into for the construction, repair, or improvement of any public highway by the State of South Dakota, or any public corporation within the State of South Dakota, the person to whom such contract is awarded shall furnish a performance bond running to the State of South Dakota in an amount not less than the contract price for the faithful performance of such contract, in the form and conditioned as required by the statutes of the State of South Dakota.
Terms Used In South Dakota Codified Laws 31-23-1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1941, ch 135, § 1; SDC Supp 1960, § 28.1601; SL 1987, ch 60, § 2.