Ark. Code § 18-44-506

Current with legislation from 2024 Fiscal and Special Sessions.

Section 18-44-506 - Surety and conditions

The payment bond or performance bond required or authorized in this subchapter shall be:

(1) Executed by a solvent corporate surety company authorized to do business in the State of Arkansas; and

(2) Conditioned that the contractor shall:

(A) Perform his or her obligations under the construction contract, public construction contract, or real estate contract; and

(B) Pay all amounts owed for labor and materials furnished or performed under the construction contract, public construction contract, or real estate construction contract.

Ark. Code § 18-44-506

Amended by Act 2021, No. 986,§ 5, eff. 7/28/2021.

Acts 1953, No. 351, § 4; 1957, No. 209, § 2; A.S.A. 1947, § 51-635.