KRS 162.320: Contract for erection of building.

Every person to whom a site for a building is conveyed pursuant to KRS 162.310 shall

immediately enter into a written contract with some person approved by the governing

body of the state educational institution, for the immediate erection on the site of a

building with the necessary appurtenances, according to plans and specifications

approved by the governing body of the state educational institution. The contract shall

provide the time when the building shall be completed. The contractor shall enter into

bond with the Commonwealth for the benefit of the state educational institution in the

penal sum of not less than twenty -five percent (25%) of the contract price for the

completion of the work in the manner and within the time set out in the contract.