Section 9:4858 - Contractor's retainage bondA. The contractor may elect to furnish at the contractor's cost and without offset of the cost against the retainage amount a retainage bond equal to and in lieu of the amount of the retainage required by the contract whenever a contract between an owner and a contractor for the construction, alteration, or repair of any work requires the withholding of sums for retainage until after the recordation of formal acceptance of such work, or notice of default by the contractor or subcontractor, or substantial completion, or final payment exclusive of nonconforming work.B. If the contractor elects to furnish a retainage bond, it shall be in a form designated by the contracting agency from a surety, within their underwriting limits, with at least an A- rating in the latest printing of the A.M. Best's Key Rating Guide.Redesignated from R.S. 9:4822(M)by Acts 2019, No. 325, §4.Redesignated from R.S. 9:4822(M) by Acts 2019, No. 325, §4.Former R.S. 9:4822 (M) redesignated as R.S. 9:4858 by Acts 2019, No. 325.
See Acts 2019, No. 325, §§6, 7, and 10, regarding applicability.