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Arkansas Code Title 18. Property § 18-44-505. Option for private construction

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) A real estate construction contract between private parties may require the contractor to furnish to the party letting the real estate construction contract a:

(1) Payment bond in a sum equal to the amount of the real estate construction contract for the benefit of all persons and entities that can claim a lien under § 18-44-101 et seq.; and

(2) Performance bond in a sum equal to the amount of the real estate construction contract for the benefit of the real estate owner.

(b) If a payment bond is filed as provided under § 18-44-507 before a lien or lien claim has been filed under § 18-44-101 et seq., then the real estate and improvements that otherwise would be subject to any lien under § 18-44-101 et seq. by reason of work or services provided or material or equipment supplied to the contractor providing the payment bond under the real estate construction contract shall not be subject to the lien.

(c) A civil action may be brought in circuit court on a payment bond or performance bond furnished under this section as provided in § 18-44-508.

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Cite this article: FindLaw.com - Arkansas Code Title 18. Property § 18-44-505. Option for private construction - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-18-property/ar-code-sect-18-44-505/

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