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22-9-503. Assignment of retained payments.
Arkansas Code — all titles (historical 2020) · legal_authorities
22-9-503. Assignment of retained payments.
(a) Any assignment of retained payments made by the contractor shall be honored by the Treasurer of State as part of the procedure to accomplish the substitution of securities under this subchapter, except that the assignment shall not be made without prior notification to the contracting agency of the state and the Treasurer of State.
(b) The assignment shall not impair the equitable rights of the contractor's surety in the retained payments or in the securities substituted therefor in the event of the contractor's default in the performance of the contract or in the payment of labor and material bills or other obligations covered by the surety's bond.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 22-9-503
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:22-9-503
Source file: gov.ar.code.title.22.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b7c013024495813c040e67a88dfb690d1b95d2afd6ee8307da6a31f349133479
Source location: content.xml paragraph 7084
Stored source content
22-9-503. Assignment of retained payments.
(a) Any assignment of retained payments made by the contractor shall be honored by the Treasurer of State as part of the procedure to accomplish the substitution of securities under this subchapter, except that the assignment shall not be made without prior notification to the contracting agency of the state and the Treasurer of State.
(b) The assignment shall not impair the equitable rights of the contractor's surety in the retained payments or in the securities substituted therefor in the event of the contractor's default in the performance of the contract or in the payment of labor and material bills or other obligations covered by the surety's bond.
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