613 Licensing of Company Issuing Bond
| Jurisdiction | Arizona |
Construction bonds on public projects can only be issued by licensed companies. Individual sureties and ‘surplus lines’ insurance companies are excluded.
Under the 1992 amendments to the Little Miller Act and Uniform Procurement Code, bid bonds, payment bonds, and performance bonds on public construction projects must be executed solely by a surety company holding a certificate of authority to transact surety business...
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- 601 Construction of Bonds
- 602 Relationship Between Bonds and Liens
- 603 Types of Bonds
- 604 Liability of Surety Coextensive With Principal
- 605 Liability of Surety to Third Parties
- 606 Liability of Surety for Labor and Materials
- 607 Notice Provisions
- 608 Limitations of Actions and Laches
- 609 Measure of Damages
- 610 Defenses of Surety
- 611 Subrogation
- 612 Indemnification of Surety
- 613 Licensing of Company Issuing Bond
- 614 Governmental Liability When Surety Becomes Insolvent
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