SECTION 337.175. Retainage.

Latest version.

1The department may provide in its construction contracts for retaining a portion of the amount due a contractor for work that the contractor has completed, until completion and final acceptance of the project by the department. If the department allows, contractors may substitute securities as provided by s. 49255.052, 50or substitute certificates of deposit or irrevocable letters of credit approved by the department comptroller in lieu of retainage.

History.-s. 9, ch. 87-100; s. 48, ch. 90-136; s. 122, ch. 92-152; s. 497, ch. 95-148; s. 13, ch. 2000-266.

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Cited by Court Cases:

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