Texas Transportation Code 223.016 – Form of Proposal Guaranty
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Terms Used In Texas Transportation Code 223.016
- Contract: A legal written agreement that becomes binding when signed.
- Rule: includes regulation. See Texas Government Code 311.005
If the department by rule requires a proposal guaranty as a condition of bidding for a contract, the guaranty may be in the form of:
(1) a cashier’s check or money order drawn on a financial entity specified by the department; or
(2) a bid bond issued by a surety authorized to do business in this state; or
(3) any other method determined to be suitable by the department.