§ 9:4858 — Contractor's retainage bond

§4858. Contractor's retainage bond
A. 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.
NOTE: Former R.S. 9:4822 (M) redesignated as R.S. 9:4858 by Acts 2019,
No. 325.
NOTE: See Acts 2019, No. 325, §§6, 7, and 10, regarding applicability.