7-25-12. Performance bond required of construction contractor. The board shall require a bond from the contractor in a sum equal to the contract price, conditioned that the contractor executes the contract and completes the building according to the plans and specifications and to the full satisfaction of the board. The contractor shall account for all moneys paid to the contractor and pay all bills and claims on account of labor or materials furnished in and about the performance of the contract including all demands of subcontractors. The bond shall stand as security for the bills, claims, and demands and be a surety bond issued by a surety company authorized to do a surety bonding business in the state or a personal bond with sufficient sureties, to be approved by the board of county commissioners.
Source: SL 1874-5, ch 27, § 49; PolC 1877, ch 21, § 45; CL 1887, § 609; SL 1889, ch 49, § 1; SL 1895, ch 53, § 1; RPolC 1903, § 849; SL 1915, ch 129; RC 1919, § 5885; SDC 1939, § 12.2308; SL 1955, ch 22; SL 1963, ch 51; SL 2016, ch 44, § 65.
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