Section 5-18B-12 - Bond or deposit of securities in lieu of retention of sums due for work performed.
5-18B-12. Bond or deposit of securities in lieu of retention of sums due for work performed. The purchasing agency may include in any contract for a public improvement provisions for a bond or the deposit of securities in lieu of sums retained from payments due a contractor for work performed pursuant to the terms of the contract. The contract document shall state the types of bond or securities to be accepted and the procedural requirements for the deposits.
Source: SL 2010, ch 31, § 51.