§ 37-13-14 - Contractor's bond. - Rhode Island Statutes

SECTION 37-13-14

   § 37-13-14  Contractor's bond. – The state or any city, town, agency, or committee therein awarding contractsfor public works shall require the contractor awarded a contract with acontract price in excess of fifty thousand dollars ($50,000) for public worksto file with the proper authority good and sufficient bond with suretyfurnished by any surety company authorized to do business in the state,conditioned upon the faithful performance of the contract and upon the paymentfor labor performed and material furnished in connection therewith, a bond tocontain the terms and conditions set forth in chapter 12 of this title, and tobe subject to the provisions of that chapter. Waiver of the bondingrequirements of this section is expressly prohibited.