Texas Transportation Code

§ 370.410 — PERFORMANCE AND PAYMENT BOND

TN § 370.410Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 370. REGIONAL MOBILITY AUTHORITIES · Art. K. DESIGN-BUILD CONTRACTS

Statute text

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(a)An authority shall require a design-build contractor to provide:

(1)a performance and payment bond;

(2)an alternative form of security; or

(3)a combination of the forms of security described by Subdivisions (1) and (2).

(b)Except as provided by Subsection (c), a performance and payment bond, alternative form of security, or combination of the forms of security shall be in an amount equal to the cost of constructing or maintaining the project.

(c)If the authority determines that it is impracticable for a private entity to provide security in the amount described by Subsection (b), the authority shall set the amount of the security.

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Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 1345 (S.B. 1420), Sec. 38, eff. September 1, 2011.