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Current as of March 28, 2024 | Updated by FindLaw Staff
(a) A public construction contract in a sum exceeding fifty thousand dollars ($50,000) shall not be entered into by the State of Arkansas or any subdivision of the state, by any county, municipality, school district, or other local taxing unit, or by any agency of the state, a subdivision of the state, a county, a municipality, a school district, or any other local taxing unit, unless the contractor furnishes to the party letting the contract a payment bond in a sum equal to the amount of the public construction contract.
(b) A payment bond required under subsection (a) of this section shall cover all claims for labor and materials necessary or used for the public construction contract, including without limitation a claim for the:
(1) Wages of construction workers under the public construction contract;
(2) Wages or salaries of supervisory and administrative personnel under the public construction contract;
(3) Use of temporary facilities;
(4) Purchase or rental of any machinery, equipment, or hand tools not customarily owned by construction workers;
(5) Purchase of building permits;
(6) Payment of construction testing fees;
(7) Purchase of fuel oil and gasoline;
(8) Payment of premiums for bonds and liability and workers' compensation insurance;
(9) Taxes or payments due to the state or any political subdivision of the state arising from the wages earned by construction workers under the public construction contract or in connection with the public construction contract; and
(10) Wages earned by workers on the public construction contract covered by the payment bond.
Cite this article: FindLaw.com - Arkansas Code Title 18. Property § 18-44-503. Public buildings and improvements--Definition - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-18-property/ar-code-sect-18-44-503/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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