California Civil Code ARTICLE 3 - Form of Security

• Section 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...
• Section 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...
• Section 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,...
• Section 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...
• Section 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...
• Section 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...

Last modified: October 22, 2018