(1) 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.
(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.
(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.