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Commonly Asked Questions about Arkansas Building Contracts

Top tips for winning construction contracts Read all of the tender documentation. Work through the PQQ. Visit the site. On time AND on Budget. Use your experience. Supply accurate MI. Focus on your strengths. Explain YOUR benefits.
Arkansas has a five year statute of limitation for any cause of action based on a written contract, duty or right. A.C.A. 16-56-111. Actions based on oral contracts or torts must be commenced within three years after the cause of action accrues.
To recap, statutory illegality in contract law means, no terms of a contract can be in violation of statutory law. The four examples we learned are usury, gambling contracts, licensing, and Sunday (Sabbath) contracts.
If not permitted in the law, a contract cannot supersede a law. Any such contract is void, but a clause may restrict the scope of such invalidation to only those terms that violate the law. If an employee has a right to a minimum wage, any contract that lists pay as less than minimum wage is not binding.
If there is no dispute as to the existence of a contract between the parties, use AMI 2403. The essential elements of a contract under Arkansas law include (1) competent parties, (2) subject matter, (3) legal consideration, (4) mutual agreement, and (5) mutual obligations.
Here are four main construction contracts to choose from, plus their pros and cons: Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.
In Arkansas, misdemeanors generally carry a 1-year statute of limitations. Felonies are more varied, with no time limit for many felonies. There is a 6-year limit for Class Y and A felonies, and a 3-year limit for Class B, C, D, and unclassified felonies.