The department shall provide in its construction contracts for retaining a portion of the amount due a contractor for work that the contractor has completed, until completion and final acceptance of the project by the department. However, contractors shall be allowed to substitute securities as provided by s. 255.052, or to substitute certificates of deposit or irrevocable letters of credit approved by the department comptroller in lieu of retainage.

History.--s. 9, ch. 87-100; s. 48, ch. 90-136; s. 122, ch. 92-152; s. 497, ch. 95-148.