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.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.
Arkansas Legal Code