If the contract is for the construction of public works, the bidder to whom the contract is awarded must execute a good and sufficient bond. The bond must be:
(1) in the full amount of the contract price;
(2) conditioned that the contractor will faithfully perform the contract; and
(3) executed, in accordance with V.A.C.S., Article 5160, relating to contractors' surety bonds.
Editor's note:
State law reference-The primary regulations and limitations relative to competitive bidding by municipalities are found in V.T.C.A., Local Government Code, Chapters 252 and 271.