Section 858 - Blanket Performance and Payment Bond Defined(a) The purpose of these sections is to establish requirements for contractors seeking to obtain approval from the Registrar for a blanket performance and payment bond (hereafter referred to as "blanket bond") as specified under the provisions of paragraph (a)(8) of Section 7159.5 of the Code.(b) For the purposes of this Article, the term "blanket bond" means a single surety instrument, executed by an admitted surety that is conditioned for the payment in full of all claims that arise from the obligations created by a licensee under any contract that is subject to the provisions of Section 7159 of the Code (hereafter referred to as "home improvement contract") and as set forth in Section 858.1 of this Article.(c) For the purposes of this Article, the term "obligation" has the same meaning as set forth under Section 1427 of the Civil Code: "An obligation is a legal duty, by which a person is bound to do or not to do a certain thing."Cal. Code Regs. Tit. 16, § 858
1. New section filed 11-22-2011; operative 12-22-2011 (Register 2011, No. 47). Note: Authority cited: Section 7008, Business and Professions Code. Reference: Sections 7151, 7159 and 7159.5, Business and Professions Code.
1. New section filed 11-22-2011; operative 12-22-2011 (Register 2011, No. 47).