Clause required in contract not providing guaranteed price

In addition to the requirements of § 55-11-3 , any contract entered into pursuant to § 55-11-1 , which does not provide for a guaranteed price for services or personal property to be delivered or performed pursuant to the terms of the contract, shall contain the following in twelve point bold type: ANY FUNDS PAID UNDER THIS CONTRACT ARE ONLY A DEPOSIT TO BE APPLIED TOWARD THE FINAL COSTS OF THE SERVICES OR PERSONAL PROPERTY CONTRACTED FOR. ADDITIONAL CHARGES MAY BE REQUIRED. Source: SL 1981, ch 355 , § 4.