Okla. Stat. tit. 61, § 61-1
This is the official text of Okla. Stat. tit. 61, § 61-1, part of Oklahoma’s Stat. tit. 61, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 61,." Browse the sections below, each linked to its official government source.
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Bond to be furnished on public works contracts
Official statutory text
A. Prior to an award of a contract exceeding One Hundred
Thousand Dollars ($100,000.00) for construction or repair of a
public or private building, structure, or improvement on public real
property, the person that receives the award shall furnish a bond
with good and sufficient sureties payable to the state in a sum not
less than the total sum of the contract.
B. The bond shall ensure the proper and prompt completion of
the work in accordance with the contract and shall ensure that the
contractor shall pay all indebtedness the contractor incurs for the
contractor's subcontractors and all suppliers of labor, material,
rental of machinery or equipment, and repair of and parts for
equipment the contract requires the contractor to furnish.
Thousand Dollars ($100,000.00) for construction or repair of a
public or private building, structure, or improvement on public real
property, the person that receives the award shall furnish a bond
with good and sufficient sureties payable to the state in a sum not
less than the total sum of the contract.
B. The bond shall ensure the proper and prompt completion of
the work in accordance with the contract and shall ensure that the
contractor shall pay all indebtedness the contractor incurs for the
contractor's subcontractors and all suppliers of labor, material,
rental of machinery or equipment, and repair of and parts for
equipment the contract requires the contractor to furnish.
Status: in_force · Read it on the official government site
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