Find Legal Information

162.320 Contract for erection of building.

Download pdf

162.320 Contract for erection of building. Every person to whom a site for a building is conveyed pursuant to KRS 162.310 shall <br>immediately enter into a written contract with some person approved by the governing <br>body of the state educational institution, for the immediate erection on the site of a <br>building with the necessary appurtenances, according to plans and specifications <br>approved by the governing body of the state educational institution. The contract shall <br>provide the time when the building shall be completed. The contractor shall enter into <br>bond with the Commonwealth for the benefit of the state educational institution in the <br>penal sum of not less than twenty-five percent (25%) of the contract price for the <br>completion of the work in the manner and within the time set out in the contract. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 573, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, <br>from Ky. Stat. sec. 4535cc-2.