ARTICLE 3. Form of Security

Article 3 added by Stats. 2010, Ch. 697, Sec. 20.

§§ 8720–8730 · 6 sections

• § 8720 An owner shall provide security by any of the following means: (a) A bond that satisfies Section 8722. (b) An irrevocable letter of credit that satisfies…
• § 8722 A bond under this chapter shall satisfy all of the following requirements: (a) The bond shall be executed by an admitted surety insurer that is either listed…
• § 8724 An irrevocable letter of credit under this chapter shall satisfy all of the following requirements: (a) The letter of credit shall be issued by a financial…
• § 8726 An escrow account under this chapter shall satisfy all of the following requirements: (a) The account shall be designated as a “construction security escrow…
• § 8728 The following provisions govern a deposit to or disbursement from a construction security escrow account under this chapter: (a) Before the commencement of…
• § 8730 If the contract price for a work of improvement is not a fixed price, the amount of security provided under this chapter shall be the guaranteed maximum price…