Arkansas Statutes
§ 18-44-506 — Surety and conditions
Arkansas·Title 18
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.
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Legislative History
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.
Nearby Sections
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§ 18-1-101
Lien holder form§ 18-11-106
Adverse possession§ 18-11-108
Liability for criminal acts§ 18-11-109
Property owner right to repair - Definition§ 18-11-201
Trustees to hold in perpetual succession§ 18-11-202
Authority of trustees§ 18-11-301
Purpose