§ 37-16-27 - Application to sureties.
SECTION 37-16-27
§ 37-16-27 Application to sureties. –(a) If a contractor principal on a bond furnished to guarantee performance orpayment on a construction contract and the claimant are parties to a writtencontract with a provision to submit to arbitration any controversy thereafterarising under the contract, or subject to arbitration as provided in §37-16-2(b), the arbitration provisions shall apply to the surety for alldisputes involving questions of the claimant's right of recovery against thesurety. Either the claimant, the contractor principal, or surety may demandarbitration in accordance with the written contract or as provided in §37-16-2(b) if applicable in one arbitration proceeding, provided that theprovisions of § 37-16-3 shall be applicable to any demand for arbitration.The arbitration award shall decide all controversies subject to arbitrationbetween the claimant, on the one hand, and the contractor principal and suretyon the other hand, including all questions involving liability of thecontractor principal and surety on the bond, but a claimant must file suit forrecovery against the surety within the time limits set forth in §§37-12-2 and 37-12-5. The arbitration shall be in accordance with this chapterand the court shall enter judgment thereon as provided therein.
(b) The arbitrator or arbitrators, if more than one, shallmake findings of fact as to the compliance with the requirements for recoveryagainst the surety, and those findings of fact shall be a part of the awardbinding on all parties to the arbitration.