68-411. Partial payment on contracts; regulations for withholding.
68-411
68-411. Partial payment on contracts; regulations for withholding.The secretary of transportation shall make partial payment to acontractor performing any road or bridge work under contract with it, asthe work may progress, said partial payment not to be less than ninetypercent (90%) of the contract price of the material delivered and work doneand accepted. The secretary shall provide by regulation, to be made a partof all specifications, for the withholding of not more than ten percent(10%) of the full contract price of any such work until the work issatisfactorily completed and approved by the secretary and the provisionsof the contract and bond therefor have been fully satisfied.
History: L. 1929, ch. 225, § 12; L. 1943, ch. 235, § 1; L. 1959, ch. 263, §1; L. 1975, ch. 427, § 95; Aug. 15.