As used in this subchapter: (1) “Construction contract” means a contract between a public agency and a prime contractor which obligates the prime contractor to construct, repair, replace, or maintain improvements for the public agency; (2) “Cost of the project” means the sum the public agency originally agrees to pay the prime contractor for performance […]
The provisions of this subchapter shall not be applicable to contracts entered into by the State Highway Commission for the construction or maintenance of public highways, roads, or streets.
The parties to a construction contract to which this subchapter is applicable shall have no authority to vary or waive the provisions of this subchapter by agreement of the parties.
(a) (1) (A) In the case of a construction contract entered into between a public agency and a contractor who is required to furnish a performance and payment bond, the contractor shall be entitled to payment of ninety-five percent (95%) of the earned progress payments when due, with the public agency retaining five percent (5%) […]
