Sec. 21.255.  CONTRACTOR'S BOND.  (a)  A contractor shall execute a bond:
(1)  in an amount determined by the board, not to exceed the contract price;
(2)  payable to the district and approved by the board; and
(3)  conditioned on the faithful performance of the contract.
(b)  The bond must provide that a contractor pay to the district all damages sustained as a result of the contractor's default on the contract.
(c)  The bond shall be deposited in the district's depository.  A copy of the bond shall be kept in the district's office.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.01, eff. April 1, 2009.