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Committee approves cleanup of payment and performance bond law to reduce loopholes
PUBLIC HEALTH, WELFARE AND LABOR COMMITTEE - SENATE · April 21, 2021
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Summary
A bipartisan bill to unify payment-bond statute of limitations, create a two-year performance-bond standard, require payment bonds be filed of record and add a 90-day notice condition passed the committee; supporters said it clarifies confusing, sometimes contradictory law and aids construction dispute resolution.
Senator Kim Hammer introduced a bill with David Grace, an attorney experienced in construction and surety law, to simplify and standardize Arkansas law governing payment and performance bonds. Grace said current law contains conflicting statute-of-limitations…
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