This form provides boilerplate contract clauses that make provision for how transaction costs, both initially and in the event of a dispute or litigation, will be handled under the contract agreement. Several different language options are included to suit individual needs and circumstances.
Arkansas Negotiating and Drafting Transaction Cost Provisions
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Attorney's fees. (a) A provision in a promissory note for the payment of reasonable attorney's fees, not to exceed ten percent (10%) of the amount of principal due, plus accrued interest, for services actually rendered in ance with its terms is enforceable as a contract of indemnity.
State agencies, including exempt agencies, may enter into contracts which contemplate the payment of interest and late charges, but only when such late charges are incurred sixty (60) days after payment is due or carrying charges under such rules as may be promulgated by the State Procurement Director.
(1) As used in this section, ?construction management? means a project delivery method based on an agreement in which a state agency, political subdivision, public school district, or institution of higher education acquires from a construction entity a series of services that include, but are not limited to, design ...
The primary collection of laws governing Arkansas procurement can be found in Title 19, Chapter 11, Subchapter 2 of the Arkansas Code Annotated titled ?Arkansas Procurement Law.? With certain exceptions, Arkansas Procurement Law applies to every State agency expenditure of public funds under any contract.
(A) A cooperative purchasing agreement is limited to commodities and services for which the public procurement unit may realize savings or material economic value, or both.