§ 18-44-501 — Purpose - Definitions

Arkansas § 18-44-501

• Jurisdiction: Arkansas
• Title: 18

Text

(a) As used in this subchapter: (1) "Construction contract" means a contract for the construction, erection, alteration, demolition, or repair of a building, structure, or improvement; (2) "Public construction contract" means a contract for the construction, erection, alteration, demolition, or repair of a public building, public structure, or public improvement, including without limitation a: (A) Levee; (B) Sewer; (C) Drain; (D) Road; (E) Street; (F) Highway; or (G) Bridge; and (3) "Real estate construction contract" means a contract for the construction, erection, alteration, demolition, or repair of a building, structure, or improvement located on privately owned real estate. (b) Liability imposed under this subchapter on any surety furnishing a payment bond or a performance bond is an integral part of the bond whether or not the liability is explicitly set out or assumed in the bond. (c) The purpose of this subchapter is to provide a uniform bonding procedure for payment bonds and performance bonds issued under contracts for the construction, erection, alteration, demolition, or repair of any building, structure, or improvement.

Legislative History

Amended by Act 2021, No. 986,§ 1, eff. 7/28/2021. Acts 1953, No. 351, § 4; 1957, No. 209, § 2; A.S.A. 1947, § 51-635.