Section 16-6-702 - Public entity; contracts; partial payments; retainage; alternate delivery methods authorized(a) A public entity awarding a contract for a public work shall authorize partial payments of the amount due under the contract as stipulated in the contract document or as soon thereafter as practicable, to the contractor if the contractor is satisfactorily performing the contract.(b) In all contracts with a public entity for a public work, the public entity may retain no more than five percent (5%) of the calculated value of any work completed as retainage. The retained payment shall be due and payable as prescribed by W.S. 16-6-116(a). The retained payment shall be held in an account in the name of the contractor which account has been assigned to the public entity. If the public entity finds that satisfactory progress is being made in all phases of the contract it may, upon written request by the contractor, authorize payment from the withheld percentage. Before the payment is made, the public entity shall determine that satisfactory and substantial reasons exist for the payment and shall require written approval from any surety furnishing bonds for the contract work.(c) Alternate design and construction delivery methods may be used by a public entity for a public work.Amended by Laws 2020 , ch. 31, § 1, eff. 7/1/2020.Amended by Laws 2013 , ch. 134, § 1, eff. 7/1/2014.