Title 32, Chapter 2, Section 75
(a) As used in this Code section and Code Sections 32-2-76 and 32-2-77, the term:
(1) "Engineer" means the chief engineer or the engineer designated
by the Georgia Highway Authority or the State Road and Tollway
(2) "Escrow account" means the certificates of deposit issued by a
state or national bank in Georgia and any uninvested cash held in
(3) "State" means the Department of Transportation, the Georgia
Highway Authority, or the State Road and Tollway Authority.
(4) "Treasurer" means the treasurer of the Department of
Transportation, the treasurer of the Georgia Highway Authority, or
the treasurer of the State Road and Tollway Authority.
(b) The state is authorized to insert a clause in the specifications
of all contracts let and awarded as a result of public lettings for
the construction, improvement, maintenance, or repair of any road,
highway, bridge, or appurtenance thereto providing for the retainage
of amounts constituting a percentage of the gross value of the
completed work as may be provided for in the contract.
(c) Final payment of the retained amounts to the contractor under
the contract to which the retained amount relates will be made after
certification by the engineer that the work has been satisfactorily
completed and is accepted in accordance with the contract, plans,