Okla. Stat. tit. 70, § 70-16-108
This is the official text of Okla. Stat. tit. 70, § 70-16-108, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Surety bond - Approval of contract - Recoveries
Official statutory text
The bidder to whom one or more contracts may be awarded shall
make and execute a good and sufficient surety bond, payable to the
State of Oklahoma, in a sum not less than Two Thousand Dollars
($2,000.00), nor more than Ten Thousand Dollars ($10,000.00), to be
fixed by the Committee, conditioned that the contractor shall
perform all of the conditions of the contract. Prior to acceptance,
the contract shall be approved by an attorney for the State
Department of Education and shall be in conformity with, and subject
to, all of the provisions of this article. The bond shall not be
exhausted by a single recovery thereon but may be sued upon until
the full amount thereof is recovered; and the Committee may, after
twenty (20) days' notice, require a new bond to be given, and in the
event the contractor shall fail to furnish such new bond, such
contract may at the option of the Committee be forfeited.
make and execute a good and sufficient surety bond, payable to the
State of Oklahoma, in a sum not less than Two Thousand Dollars
($2,000.00), nor more than Ten Thousand Dollars ($10,000.00), to be
fixed by the Committee, conditioned that the contractor shall
perform all of the conditions of the contract. Prior to acceptance,
the contract shall be approved by an attorney for the State
Department of Education and shall be in conformity with, and subject
to, all of the provisions of this article. The bond shall not be
exhausted by a single recovery thereon but may be sued upon until
the full amount thereof is recovered; and the Committee may, after
twenty (20) days' notice, require a new bond to be given, and in the
event the contractor shall fail to furnish such new bond, such
contract may at the option of the Committee be forfeited.
Status: in_force · Read it on the official government site
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