The board of county commissioners shall require each contractor to furnish a bond pursuant to the provisions of Section 1 of Title 61 of the Oklahoma Statutes but made payable to the county. If the contractor fails to comply with the terms of the contract, the bond shall be forfeited to the county treasurer for credit to the county highway fund. Unless otherwise provided for by contract, the surety on any bond shall be held, to consent without notice to:
1. an extension of time given to the contractor to perform the contract if each extension does not exceed sixty (60) days; and
2. any change in the plans, specifications, or contract if such change does not involve an increase of more than twenty percent (20%) of the total contract price. If such increase is more than twenty percent (20%) of the total contractprice, the surety shall be released only as to such increase in price that is in excess of a twenty percent (20%) increase.
Amended by Laws 1983, c. 125, § 2, eff. Nov. 1, 1983.