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the Georgia Code
2006 Georgia Code - 32-2-75
32-2-75. (a) As used in this Code section and Code
Sections 32-2-76 and 32-2-77, the term: (1) 'Engineer' means the chief engineer or the
engineer designated by the Georgia Highway Authority or the State
Road and Tollway Authority. (2) 'Escrow account' means the certificates of
deposit issued by a state or national bank in Georgia and any
uninvested cash held in escrow. (3) 'State' means the Department of
Transportation, the Georgia Highway Authority, or the State Road
and Tollway Authority. (4)
'Treasurer' means the treasurer of the Department of
Transportation, the treasurer of the Georgia Highway Authority, or
the treasurer of the State Road and Tollway Authority.
(b) The state is authorized to
insert a clause in the specifications of all contracts let and
awarded as a result of public lettings for the construction,
improvement, maintenance, or repair of any road, highway, bridge,
or appurtenance thereto providing for the retainage of amounts
constituting a percentage of the gross value of the completed work
as may be provided for in the contract. (c) Final payment of the retained amounts to the
contractor under the contract to which the retained amount relates
will be made after certification by the engineer that the work has
been satisfactorily completed and is accepted in accordance with
the contract, plans, and specifications.
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