There shall be required, in connection with all contracts mentioned in ORS 381.275 and involving the employment of labor and materials, a satisfactory bond in a sum not less than 50 percent of the total amount of the contract. The bond:
(1) Shall be conditioned upon the faithful performance of the contract.
(2) Shall contain a condition that the contractor shall promptly, as due, make payments to all persons supplying the contractor, or the subcontractors, labor and materials of the contractor for the performance of the work, and that such contractor shall pay all contributions or amounts due to the State Industrial Accident Fund from such contractor or subcontractors of the contractor incurred in the performance of the contract.
(3) May contain such other conditions or provisions as the Oregon authority performing the work or the lawful constituted authority of the adjoining state may require.
Section: Previous 381.245 381.250 381.255 381.260 381.265 381.270 381.275 381.280 381.285 381.290 381.295 381.300 381.302 381.305 381.405 NextLast modified: August 7, 2008