(a) A bond executed under this subchapter must:
(1) be in the amount of $5,000;
(2) be conditioned that the contracting stevedore will:
(A) on Saturday of each week pay wages promptly according to the agreed wage scale to each laborer who engaged in loading and unloading a vessel; and
(B) perform each agreement the contracting stevedore enters into with a laborer with respect to the loading and unloading of a vessel; and
(3) be payable to the county judge of the county in which the contracting stevedore does business as trustee for any person who may be entitled to recover under the bond.
(b) The bond must be made with:
(1) a surety company authorized to do business in this state; or
(2) two or more good and sufficient sureties, each of whom is a resident of this state.