Ind. Code § 14-26-8-37
A person who has successfully bid for the whole or a part of the work shall, when the work is awarded to the person, do the following:
(2) Give bond that:
(C) is in a proper penalty for the performance of the contract;
that the person will pay all damages occasioned by nonfulfillment of the contract. The damages may be recovered in a court with jurisdiction.
[Pre-1995 Recodification Citation: 13-2-18-15 part.]
As added by P.L.1-1995, SEC.19.