16-6-114. Contractor's performance and payment bond or other guarantee; requiring new or additional bond or other guarantee; failure to furnish.
If in its judgment any of the sureties on a bond or other form of guarantee approved by the public entity under W.S. 16-6-112 are insolvent or for any cause are no longer proper or sufficient sureties, the obligee may within ten (10) days require the contractor to furnish a new or additional bond or other approved guarantee. If ordered by the obligee, all work on the contract shall cease until a new or additional bond or other guarantee is furnished. If the guarantee is not furnished within ten (10) days, the obligee may at its option terminate the contract and complete the contract as the agent and at the expense of the contractor and his sureties.