(a) All contractors shall be required to give bond for the faithful performance of the contracts as may be awarded them, with good and sufficient sureties, in an amount to be fixed by the board of commissioners of a suburban improvement district.(b) The board shall not remit or excuse the penalty or forfeiture of the bond or the breaches of it.Acts 1941, No. 41, § 14; A.S.A. 1947, § 20-714.
Arkansas Legal Code