In the event of a contractor bankruptcy, any agreements entered into with the bonding company (other than the bonding company serving as general contractor or fully bonding another contractor acting as their agent) must be submitted for approval of the executive administrator. The political subdivision shall be responsible for assuring that every appropriate procedure and legal requirement is observed in advertising for bids and re-awarding a construction contract.

Source Note: The provisions of this §363.57 adopted to be effective July 19, 1991, 16 TexReg 3768.