Texas Transportation Code 441.115 – Contractor Bond
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Transportation Code 441.115
- 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 contractor shall execute a bond for the amount of the contract price. The bond must be payable to and approved by the board and conditioned on:
(1) faithful performance of the contract obligations; and
(2) payment to the district of damages resulting from any default.