SECTION 66. Terms and conditions of contract awarded under Secs. 61 to 69; bond or other security for the obligation of selected offeror

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A contract awarded under sections 61 to 69, inclusive, shall be subject to such terms and conditions as the governmental unit shall determine to be in its best interest. The selected offeror shall furnish to the governmental unit performance bonds, payment bonds or other forms of security for the selected offeror's obligations, and insurance, satisfactory to the governmental unit.

                    
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