Texas Water Code 62.114 – Bond of Contractor
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(a) The party, firm, or corporation to whom a contract is awarded under § 62.111 of this code shall execute a bond, payable to the commission, for twice the amount of the contract price, conditioned on faithful performance of the obligations, agreements, and covenants of the contract and that in default of the performance he will pay to the district all damages sustained by reason of the default.
(b) The bond shall be approved by the commission.
Terms Used In Texas Water Code 62.114
- Commission: means the navigation and canal commission. See Texas Water Code 62.001
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- District: means a navigation district operating under the provisions of Article XVI, § 59, of the Texas Constitution. See Texas Water Code 62.001