HOUSE BILL NO. 473
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND SECTION 6919,CHAPTER 69, TITLE 29, DELAWARE CODE, RELATING TO RETAINAGES UNDER PUBLIC WORKS CONTRACTS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Section 6919 (b), Chapter 69, Title 29 of the Delaware Code by inserting a new paragraph (3) to read as follows:
(3) Notwithstanding the provisions of this section for good cause shown, and if it deems such action to be in the best interest of the State, any agency or political subdivision of the State may deny the contractor party to any public works contract permission to substitute securities for moneys being held as retainages, as provided for In this chapter. This action shall be taken only after written notice is given to the contractor and d hearing is held by the agency or political subdivision, showing cause for such action. Denial- of such substitution shall be for a stated period of time, not to exceed a period of three years, and shall continue until the end of the stated time period or until the contractor has successfully completed all outstanding public works contracts without forfeiting any part of the retalnage held by the agency or political subdivision, whichever occurs first."
Approved July 14, 1988