|(a) The department shall monitor and report to the
Texas Transportation Commission, on a quarterly basis, the performance
and status of each contract, other than a low-bid construction and
maintenance contract, that is valued at $50 million or more or that
the department determines constitutes a high-risk to the department.
(b) The department immediately shall notify the commission
of any serious issue or risk that is identified in a contract and
that has not been reported in a quarterly report provided under subsection
(a) of this section.
(c) This section does not apply to a memorandum of
understanding, interagency contract, interlocal agreement, or contract
for which there is not a cost.