Section 9200.
9200. For the purpose of this title, completion of a work of improvement occurs at the earliest of the following times: (a) Acceptance of the work of improvement by the public entity. (b) Cessation of labor on the work of improvement for a continuous period of 60 days. This subdivision does not apply to a contract awarded […]
Section 8710.
8710. An owner described in subdivision (a) of Section 8700 shall provide the direct contractor all of the following: (a) Security for the owner’s payment obligation pursuant to the contract. The security shall be used only if the owner defaults on the payment obligation to the direct contractor. This subdivision does not apply to an owner […]
Section 8712.
8712. If an owner fails to provide or maintain the security required by this chapter, the direct contractor may give the owner notice demanding security. The notice shall comply with the requirements of Chapter 2 (commencing with Section 8100) of Title 1. If the owner does not provide or maintain the security within 10 days […]
Section 8714.
8714. It is against public policy to waive the provisions of this chapter by contract. (Added by Stats. 2010, Ch. 697, Sec. 20. (SB 189) Effective January 1, 2011. Operative July 1, 2012, by Sec. 105 of Ch. 697 and by Section 8052.)
Section 8716.
8716. This chapter does not affect any statute providing for mechanics liens, stop payment notices, bond remedies, or prompt payment rights of a subcontractor, including the direct contractor’s payment responsibilities under Section 7108.5 of the Business and Professions Code. (Added by Stats. 2010, Ch. 697, Sec. 20. (SB 189) Effective January 1, 2011. Operative July […]
Section 8720.
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 Section 8724. (c) An escrow account that satisfies Section 8726. (Added by Stats. 2010, Ch. 697, Sec. 20. (SB 189) Effective January 1, 2011. Operative July 1, 2012, by Sec. 105 […]
Section 8722.
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 in the Department of the Treasury’s Listing of Approved Sureties (Department Circular 570) or that has an A.M. Best rating of A or better and has an underwriting […]
Section 8724.
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 institution, as defined in Section 5107 of the Financial Code, inuring to the benefit of the direct contractor. (b) The letter of credit shall be in an amount not less […]
Section 8726.
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 account.” (b) The account shall be located in this state and maintained with an escrow agent licensed under the Escrow Law, Division 6 (commencing with Section 17000) of the Financial Code, or […]
Section 8728.
8728. The following provisions govern a deposit to or disbursement from a construction security escrow account under this chapter: (a) Before the commencement of work the owner shall make an initial deposit to the account in an amount not less than 15 percent of the contract price for the work of improvement or, if the work […]