§ 37-16-27. Application to sureties.
(a) If a contractor principal on a bond furnished to guarantee performance or payment
on a construction contract and the claimant are parties to a written contract with
a provision to submit to arbitration any controversy thereafter arising under the
contract, or subject to arbitration as provided in § 37-16-2(b), the arbitration provisions shall apply to the surety for all disputes involving
questions of the claimant's right of recovery against the surety. Either the claimant,
the contractor principal, or surety may demand arbitration in accordance with the
written contract or as provided in § 37-16-2(b)
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§ 37-16-27. Application to sureties.
(a) If a contractor principal on a bond furnished to guarantee performance or payment
on a construction contract and the claimant are parties to a written contract with
a provision to submit to arbitration any controversy thereafter arising under the
contract, or subject to arbitration as provided in § 37-16-2(b), the arbitration provisions shall apply to the surety for all disputes involving
questions of the claimant's right of recovery against the surety. Either the claimant,
the contractor principal, or surety may demand arbitration in accordance with the
written contract or as provided in § 37-16-2(b) if applicable in one arbitration proceeding, provided that the provisions of § 37-16-3 shall be applicable to any demand for arbitration. The arbitration award shall decide
all controversies subject to arbitration between the claimant, on the one hand, and
the contractor principal and surety on the other hand, including all questions involving
liability of the contractor principal and surety on the bond, but a claimant must
file suit for recovery against the surety within the time limits set forth in §§ 37-12-2 and 37-12-5. The arbitration shall be in accordance with this chapter and the court shall enter
judgment thereon as provided therein.
(b) The arbitrator or arbitrators, if more than one, shall make findings of fact as to
the compliance with the requirements for recovery against the surety, and those findings
of fact shall be a part of the award binding on all parties to the arbitration.