§ 24-91-104 — Contract - completion by public entity - partial payments

Colorado § 24-91-104

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Construction Contracts with Public Entities

Text

If it
becomes necessary for a public entity to take over the completion of any contract,
all of the amounts owing the contractor, including the withheld percentage, shall be
applied: First, toward the cost of completion of the contract; second, toward
performance of the public entity's withholding requirement set forth in section 38-26-107, C.R.S.; third, to the surety furnishing bonds for the contract work, to the
extent such surety has incurred liability or expense in completing the contract work
or made payments pursuant to section 38-26-106, C.R.S.; then, to the contractor.
Such retained percentage as may be due any contractor shall be due and payable
at the expiration of thirty days from the date of final acceptance by the public
entity of the contract work.

Legislative History

Source: L. 79: Entire article added, p. 996, � 1, effective July 1. L. 86: Entire section amended, p. 971, � 2, effective July 1.