Texas Government Code 466.102 – Liquidated Damages; Performance Bond
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Terms Used In Texas Government Code 466.102
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
A contract for the acquisition or provision of facilities, supplies, equipment, materials, or services related to the operation of the lottery must provide for liquidated damages and a performance bond in an amount equal to the executive director’s best available estimate of the revenue that would be lost if the contractor fails to meet deadlines specified in the contract.