Okla. Stat. tit. 70, § 70-16-108: Surety bond - Approval of contract - Recoveries

The bidder to whom one or more contracts may be awarded shall

make and execute a good and sufficient surety bond, payable to the

State of Oklahoma, in a sum not less than Two Thousand Dollars

($2,000.00), nor more than Ten Thousand Dollars ($10,000.00), to be

fixed by the Committee, conditioned that the contractor shall

perform all of the conditions of the contract. Prior to acceptance,

the contract shall be approved by an attorney for the State

Department of Education and shall be in conformity with, and subject

to, all of the provisions of this article. The bond shall not be

exhausted by a single recovery thereon but may be sued upon until

the full amount thereof is recovered; and the Committee may, after

twenty (20) days' notice, require a new bond to be given, and in the

event the contractor shall fail to furnish such new bond, such

contract may at the option of the Committee be forfeited.