Sec. 271.059. CONTRACTOR'S BONDS. If a contract is for the construction of public works and is required by this subchapter to be submitted to competitive bidding, the successful bidder must execute a good and sufficient payment bond and performance bond. The bonds must each be: (1) in the full amount of the contract price; and (2) executed, in accordance with Chapter 2253 , Government Code, with a surety company authorized to do business in this state.
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