ORS 701.430
Performance bond

  • terms
A contractor or subcontractor may execute and deliver to the owner, contractor or subcontractor before the commencement of construction for which the contractor or subcontractor will be responsible for performing a good and sufficient bond in a sum equal to the contract price for the faithful performance of the contract. The term of the bond obtained under this subsection must extend to include the period during which claims of lien or notices of other encumbrances based on the construction performed under the contract may be filed under applicable law. The bond must be approved by the owner, contractor or subcontractor entitled to withhold retainage. A faithful performance bond delivered under this section must include, but not be limited to, provisions to the effect that:

(1)

The obligations of the contract must be faithfully performed;

(2)

Payment must promptly be made to all persons supplying labor or materials to the contractor or subcontractor for prosecution of the work provided in the contract;

(3)

All contributions due the Industrial Accident Fund and the Unemployment Compensation Trust Fund from the contractor or subcontractor in connection with the performance of the contract must be made promptly; and

(4)

All sums required to be deducted and retained from the wages of employees of the contractor or subcontractor pursuant to the Personal Income Tax Act of 1969, must be paid over to the Department of Revenue. [1975 c.772 §3; 2013 c.410 §3]
Note: See note under 701.410 (Definitions).

Source: Section 701.430 — Performance bond; terms, https://www.­oregonlegislature.­gov/bills_laws/ors/ors701.­html.

701.002
Short title 701.005
Definitions 701.010
Exemptions from licensure 701.013
Intent relating to certain business license requirements 701.015
Business license requirements in cities and metropolitan service districts 701.020
Certain cities exempt from application of ORS 701.015 701.021
License requirement 701.026
Subcontractor licensing 701.031
Evidence of doing business as contractor 701.035
Applicant required to be independent contractor to be eligible for license 701.038
Residential limited contractors 701.042
Residential or commercial developers 701.046
License application 701.050
Commercial contractor key employees 701.056
Licensing application fee 701.060
Licensing in another category 701.063
Term of license 701.068
Bonding requirements 701.073
Insurance required of licensed contractors 701.081
Residential contractors 701.082
Residential contractor continuing education requirements 701.083
Residential contractor specialized education programs 701.084
Commercial contractors 701.086
Key employee continuing education 701.088
Contractor rehabilitating illegal drug manufacturing site 701.091
Responsible managing individual 701.093
Change in responsible managing individual 701.094
Definition for ORS 701.098 and 701.102 701.098
Grounds for discipline 701.102
Sanction for past unresolved activity or outstanding matters 701.106
Sanction for violation or failure to comply with certain laws 701.107
Sanction for assisting evasion of obligations 701.108
Failure to comply with prevailing wage rate or other wage and hour standards for energy efficiency and sustainable technology projects 701.109
Reporting of final judgments 701.110
License suspension for unpaid determined wage claim 701.112
Continuation of board authority when change occurs in license status 701.114
Change in responsible managing individual or persons exercising control of contractor 701.117
Contractor to notify board of address change 701.119
Certification to participate in small scale local energy project program 701.120
Specialized education programs 701.122
Training requirements for individuals and businesses 701.128
Suit for damages for misrepresentation 701.131
License required to perfect lien or obtain judicial or administrative remedy 701.133
Notice of intent to file complaint 701.139
Complaint validity 701.140
Types of allowable complaints 701.143
Requirement for timely filing of complaints 701.145
Resolution of complaints involving work on residential structures or certain small commercial structures 701.146
Resolution of complaints involving work on large commercial structures or certain small commercial structures 701.149
Status reports 701.150
Determination of amount to be paid from bond 701.153
Recording of order as lien 701.157
Satisfaction of order against commercial contractor 701.160
Nonlawyer may represent certain forms of businesses before board 701.180
Alternative mediation or arbitration process 701.205
Construction Contractors Board 701.215
Officers 701.225
Investigatory powers of board 701.227
Disqualification from eligibility for certain public contracts 701.230
Board to provide names of unlicensed or improperly endorsed contractors to other state agencies 701.235
Rulemaking 701.238
Determination of licensing application fee 701.240
Provision of licensed contractors list to other state agencies 701.246
Confidentiality of information 701.250
Board to provide licensee’s status on request 701.255
Funds retained for collection of civil penalties 701.260
Appeal committee 701.265
Continuing education system for residential contractors 701.267
Agreements with continuing education providers 701.269
Residential general master builder certification program 701.272
Interagency agreements 701.295
Board duty to investigate and seek prosecution of illegal activity 701.305
Requirement for written contract with residential property owner 701.310
Cancellation of contract 701.312
Additional grounds for placing contractor on probation 701.315
Contents of contract for work on residential structure 701.320
Offer of warranty 701.325
Condition for obtaining building permit 701.330
Consumer notice form 701.335
Recommended maintenance schedule 701.340
Commercial structure warranty 701.345
Subcontractor list 701.348
Sewer contractor requirements 701.410
Definitions 701.420
Partial payment 701.430
Performance bond 701.435
Deposits in lieu of cash retainage 701.440
Applicability to federal projects 701.445
Home inspectors 701.450
Home inspector undertaking of repair work on inspected structure 701.455
Home inspector services contractor license 701.470
Licensing 701.475
Definitions for ORS 701.475 to 701.490 701.480
Certification 701.485
Standards of practice and professional conduct 701.490
Exemptions from certification, licensure and other requirements 701.495
Residential locksmith services contractor license 701.501
Home services contractor license 701.505
Definitions for ORS 701.505 to 701.515 701.510
License required to engage in lead-based paint activity 701.515
Licensing system 701.520
Construction Contractors Board Lead-Based Paint Activities Fund 701.527
Definitions for ORS 702.527 to 701.536 701.529
Certification and licensing requirements 701.532
Home energy assessor certification 701.534
Home energy performance score contractors 701.536
Assessor and contractor exemption from testing and continuing education 701.540
Licensing 701.545
Provision of accessible features list to purchaser 701.547
Model list of accessibility features 701.550
Notice of Department of Consumer and Business Services rules regarding thermostats containing mercury 701.555
Barrier-type exterior insulation and finish systems 701.560
Definitions for ORS 701.560 to 701.595 and 701.605 701.565
Notice of defect requirement 701.570
Secondary notice of defect 701.575
Availability of residence 701.580
Offer by contractor, subcontractor or supplier 701.585
Effect of notice of defect on time for commencing court action 701.595
Failure to follow notice of defect procedure 701.600
Nonapplicability of ORS 701.560 to 701.595 and 701.605 701.605
Recording of written warranty agreement 701.620
Definitions for ORS 701.620 to 701.640 701.625
Progress payments 701.630
Payments to subcontractors and material suppliers 701.635
Suspension of performance 701.640
Prohibition against contrary provisions, covenants or clauses 701.645
Contracts and housing not subject to ORS 701.620 to 701.640 701.990
Criminal penalties 701.992
Civil penalties and other sanctions 701.995
Civil penalties for violations related to lead-based paint activities
Green check means up to date. Up to date

Current through early 2024

§ 701.430’s source at oregon​.gov