58-511. Penal bond; required.Any company entering into a project agreement for the undertaking of a redevelopment project pursuant to the Nebraska Redevelopment Act which contains the provision outlined in section 58-507 shall be required before commencing work to execute, in addition to all bonds that may be required, a penal bond with good and sufficient surety to be approved by the contracting public body conditioned that such contractor (1) shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing the contractor or its subcontractors with labor or materials performed or used in the prosecution of the work provided for in such contract and (2) will indemnify and save harmless the contracting public body to the extent of any payments in connection with the carrying out of such contracts which such contracting public body may be required to make under the law.Source Laws 1995, LB 830, § 11.
Nebraska Legal Code