§ 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.