Keywords: Arkansas, bond claim notice, construction industry, public projects, private projects, suppliers, subcontractors, unpaid bills, filing requirements, deadline, lien rights, legal protection. Description: Arkansas Bond Claim Notice is a crucial document within the construction industry that allows suppliers and subcontractors to protect their rights to payment for materials and services provided on both public and private projects. It serves as a formal notification to the general contractor, surety, or project owner that there are outstanding unpaid bills. In Arkansas, the bond claim notice is necessary when a contractor or subcontractor has not received the full payment they are owed for the work performed. This notice is specifically utilized in situations where a payment bond has been issued by the project's general contractor or the property has been bonded by a public entity. The purpose of the bond is to ensure that the unpaid party has a legal avenue to seek compensation for their contributions. There are two primary types of Arkansas Bond Claim Notice depending on the nature of the project: 1. Public Projects: For construction projects financed by government entities, such as federal, state, or city entities, a bond claim notice must be filed within 120 days from the completion of the project. This notice is typically served upon the general contractor, surety, and the public entity involved in the project. 2. Private Projects: In the case of privately-owned projects that are bonded, the bond claim notice must be delivered to the general contractor and the surety within 75 days from the last date the claimant provided labor, materials, or services to the project. This notice informs them of the unpaid balances or bills and asserts the claimant's right to seek compensation. It is important to note that filing a bond claim notice does not automatically guarantee payment. However, it preserves the claimant's lien rights and enables them to take legal action if necessary. However, the failure to file the notice within the prescribed deadline may result in the loss of valuable legal protection. To properly file an Arkansas Bond Claim Notice, claimants must include specific information such as their name, address, and contact details, along with the general contractor's information, project details, a detailed description of the work performed, and the unpaid amount. It is recommended to consult with a legal professional or an experienced construction attorney to ensure the notice adheres to all filing requirements and deadlines in order to protect your rights to payment.
Arkansas Bond Claim Notice
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How to fill out Arkansas Bond Claim Notice?
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If the surety does not voluntarily pay the claim, a lawsuit must be filed against the payment bond surety as follows: (a) if the public entity files a notice of completion or cessation notice, thirty (30) days six plus (6) months after the notice is filed or (b) if neither a notice of completion or cessation is filed, ...
The Miller Act requires that prime contractors for the construction, alteration, or repair of Federal buildings furnish a payment bond for contracts in excess of $100,000. Other payment protections may be provided for contracts between $30,000 and $100,000.
Surety bonds generally cost 1-15% of the required bond amount.
When a performance bond is called and the claim has been deemed valid, a surety company will sometimes find a new contractor to complete the project. When this happens, a new contract is drafted with different terms and prices.
A bond claim means the claimant is alleging you haven't fulfilled an obligation of yours that may be covered under the bond.
Filing a Bond Claim The consumer will contact the surety directly to engage this process. Claims against a surety company may be filed by homeowners, any person damaged by a willful and deliberate violation of a construction contract or by employees damaged by the contractor's failure to pay wages.
Arkansas has a five year statute of limitation for any cause of action based on a written contract, duty or right. A.C.A. § 16-56-111. Actions based on oral contracts or torts must be commenced within three years after the cause of action accrues.
