Texas Government Code 2156.011 – Performance Bond
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(a) The comptroller may require a performance bond before executing a contract.
(b) The comptroller may require the bond in an amount that the comptroller finds reasonable and necessary to protect the state’s interests.
Terms Used In Texas Government Code 2156.011
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Contract: A legal written agreement that becomes binding when signed.
(c) Any bond required shall be issued on the condition that the bidder faithfully execute the terms of the contract.
(d) Any bond required shall be filed with the comptroller.
(e) Recoveries under the bond may continue until the bond is exhausted.