Section 24-50-505 - Liability and immunity(1) The contractor shall assume all liability arising from its own acts or omissions under all contracts entered into pursuant to this part 5.(2) The sovereign immunity and governmental immunity of the contracting agency shall not extend to the contractor, except as otherwise provided by law. Neither the contractor nor the insurer of the contractor may plead the defense of sovereign immunity or governmental immunity in any action arising out of the performance of the contract.L. 93: Entire part added, p. 284, § 1, effective April 7.