Section 129.203 – Payment Bond; Amount; Purpose.
129.203 Payment bond; amount; purpose. Sec. 3. The payment bond shall be in an amount fixed by the governmental unit but not less than 25% of the contract amount solely for the protection of claimants, as defined in section 6, supplying labor or materials to the principal contractor or his subcontractors in the prosecution of […]
Section 129.204 – Bond, Surety, Obligee.
129.204 Bond, surety, obligee. Sec. 4. A bond shall be executed by a surety company authorized to do business in this state. In the case of a contract of the state or a department, board, commission, institution or agency thereof the bonds shall be payable to the people of the state. In the case of […]