§ 5-21-1 — Surety bond required--Obligation of prompt payment of laborers and materialmen.

South Dakota § 5-21-1

• Jurisdiction: South Dakota
• Title 5: PUBLIC PROPERTY, PURCHASES AND CONTRACTS
• Ch. 5-21: PERFORMANCE BONDS FOR PUBLIC IMPROVEMENT CONTRACTS

Text

Except as provided in § 31-12-15 , when any contract is entered into for the construction of public improvement or the furnishing of any material or labor therefor, the contractor is required, before commencing such work, to furnish surety in an amount not less than the contract price, for the faithful performance of the contract, with the additional obligation that the contractor shall promptly pay all persons supplying him with labor or material in the prosecution of the work provided for in the contract.

Legislative History

SL 1907, ch 138, § 1; SL 1909, ch 245, § 1; RC 1919, § 8215; SDC 1939, § 65.0702; SL 1939, ch 300, § 7; SL 1987, ch 60, § 1.