Texas Business and Commerce Code 52.052 – Beneficiary of Bond; Claim Against Bond
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(a) The bond required by Section 52.051 must be:
(1) in favor of this state; and
(2) for the benefit of any person who, after entering into a contract for invention development services with the invention developer, is damaged by fraud, dishonesty, or failure to provide the invention developer’s services in performance of the contract.
(b) A person making a claim against the bond may bring an action against the invention developer and the surety. The aggregate liability of the surety to all persons for all breaches of conditions of the bond required by this section is limited to the amount of the bond.
Terms Used In Texas Business and Commerce Code 52.052
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005