Section 1 - Bond to be furnished on public works contractsA. Prior to an award of a contract exceeding One Hundred Thousand Dollars ($100,000.00) for construction or repair of a public or private building, structure, or improvement on public real property, the person that receives the award shall furnish a bond with good and sufficient sureties payable to the state in a sum not less than the total sum of the contract.B. The bond shall ensure the proper and prompt completion of the work in accordance with the contract and shall ensure that the contractor shall pay all indebtedness the contractor incurs for the contractor's subcontractors and all suppliers of labor, material, rental of machinery or equipment, and repair of and parts for equipment the contract requires the contractor to furnish.Amended by Laws 2022 , c. 238, s. 1, eff. 11/1/2022.R.L. 1910, § 3881; Amended by Laws 1951, HB 133, p. 168, § 1, emerg. eff. 5/1/1951; Amended by Laws 1955, HB 1034, p. 335, § 1, emerg. eff. 6/6/1955; Amended by Laws 1961, SB 147, p. 459, § 1, emerg. eff. 5/15/1961; Amended by Laws 1965, HB 548, c. 518, § 1, emerg. eff. 7/22/1965; Amended by Laws 1968, SB 670, c. 77, § 1, emerg. eff. 3/25/1968; Amended by Laws 1980, SB 535, c. 76, § 1, emerg. eff. 7/1/1980; Amended by Laws 1983, HB 1027, c. 125, § 1, eff. 11/1/1983; Amended by Laws 1986, HB 1585, c. 110, § 1, emerg. eff. 4/9/1986; Amended by Laws 1989, HB 1111, c. 286, § 5, emerg. eff. 7/1/1989; Amended by Laws 1992, SB 689, c. 239, § 1, emerg. eff. 5/19/1992; Amended by Laws 2000 , SB 1172, c. 363, § 1, emerg. eff. 6/6/2000; Amended by Laws 2006 , SB 558, c. 271, § 1, emerg. eff. 7/1/2006; Amended by Laws 2012 , SB 1053, c. 241, § 1, emerg. eff. 7/1/2012; Amended by Laws 2012 , HB 3079, c. 304, § 302.