§ 41.106  CONTRACT PERFORMANCE OR PAYMENT BONDS.
   (A)   When required; amounts.  When a construction contract is awarded in excess of $25,000, the following bonds or security shall be delivered to the county and shall become binding on the parties upon the execution of the contract:
      (1)   A performance bond satisfactory to the county, executed by a surety company authorized to do business in the state, or otherwise secured in a manner satisfactory to the county, in an amount equal to 100% of the price specified in the contract; and
      (2)   A payment bond satisfactory to the county, executed by a surety company authorized to do business in the state or otherwise secured in a manner satisfactory to the county, for the protection of all persons supplying labor or materials to the contractor or its subcontractors for the performance of the work provided in the contract. The bond shall be in an amount equal to 100% of the price specified in the contract.
   (B)   Authority to require additional bonds. Nothing in this section shall be construed to limit the authority of the county to require a performance bond or other security in addition to those bonds, or in circumstances other than specified in division (A) above of this section.
(1980 Code, § 41.091)  (Ord. 08-461, passed 11-20-2008)