§ 37-13-14 Contractor's bond. –
The state or any city, town, agency, or committee therein awarding contracts
for public works shall require the contractor awarded a contract with a
contract price in excess of fifty thousand dollars ($50,000) for public works
to file with the proper authority good and sufficient bond with surety
furnished by any surety company authorized to do business in the state,
conditioned upon the faithful performance of the contract and upon the payment
for labor performed and material furnished in connection therewith, a bond to
contain the terms and conditions set forth in chapter 12 of this title, and to
be subject to the provisions of that chapter. Waiver of the bonding
requirements of this section is expressly prohibited.
(G.L. 1938, ch. 290, § 13; P.L. 1955, ch. 3580, § 1; G.L. 1956,
§ 37-13-13; P.L. 1965, ch. 77, § 1; G.L. 1956, § 37-13-14; P.L.
1974, ch. 237, § 1; P.L. 1988, ch. 449, § 16; P.L. 1994, ch. 384,
§ 1; P.L. 1999, ch. 367, § 3; P.L. 2009, ch. 354, § 3.)