Sec. 2252.064.  PERFORMANCE BOND.  (a)  A contractor shall execute a bond issued by a surety company authorized to do business in this state in an amount determined by the contracting state agency, but not to exceed the contract price.
(b)  The bond must be payable to the state and conditioned on the faithful performance of the terms of the contract.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.