§ 37-12.1-1. Definitions. Terms used in this chapter shall be construed as follows: (a) “Designers” means any person, firm, or corporation duly authorized pursuant to the laws of this state to engage in the practice of architecture and/or engineering within this state. (b) “Public works contract” means a contract to perform design or planning services […]
§ 37-12.1-2. Substitution of security for retained earnings by designers. (a) Where any public works contract provides for the holding of retained earnings from a designer, the designer may from time to time withdraw the whole or any portion of the amount retained upon either depositing with the general treasurer: (1) United States treasury bonds, […]
§ 37-12.1-3. Deduction from retained earnings. In the event that pursuant to the terms of the public works contract it is necessary to deduct any sum from retained earnings, the state or governmental unit or agency thereof shall first apply the deduction against sums not withdrawn and thereafter from the proceeds of the sale of […]
§ 37-12.1-4. Endorsement on securities. All securities deposited with the general treasurer pursuant to this chapter shall be properly endorsed by the designer in such manner as to enable the general treasurer to carry out the provisions of this chapter. History of Section.P.L. 1991, ch. 161, § 1.
§ 37-12.1-5. Applicability. This chapter shall apply to all retained earnings held pursuant to any public works contract as of June 16, 1991. History of Section.P.L. 1991, ch. 161, § 1.
