Georgia Code
Part 1 - General Contracting Provisions
§ 32-2-60. Authority to Contract; Form and Content of Construction Contracts; Bonds

provided, however, that the aggregate total guarantee of the project may not use a corporate guarantee of more than 35 percent. The combination of such guarantees shall be determined at the discretion of the department, subject to the approval of the board; provided, however, that such aggregate guarantees shall include not less than $300 million of performance and payment bonds and shall equal not less than 100 percent of the contractor’s obligation under the construction portion of the contract.
History. Ga. L. 1965, p. 628, § 1; Code 1933, § 95A-801, enacted by Ga. L. 1973, p. 947, § 1; Ga. L. 1988, p. 1908, § 1; Ga. L. 1994, p. 591, § 5; Ga. L. 2006, p. 663, § 1/HB 1177; Ga. L. 2007, p. 47, § 32/SB 103; Ga. L. 2018, p. 372, § 1/SB 445.
The 2018 amendment, effective July 1, 2018, deleted former subsection (d), which read: “The provisions of subsections (b) and (c) of this Code section shall be applicable only to federal-aid highway contracts.”; and redesignated former subsection (e) as present subsection (d).
Code Commission notes.
Pursuant to Code Section 28-9-5, in 2006, “limited to, the following:” was substituted for “limited to the following:” near the end of the introductory paragraph of subsection (e) (now subsection (d)), “Guarantees” was substituted for “Guaranties” in paragraph (e)(3) (now subparagraph (d)(1)(C)), and in paragraph (e)(5) (now subparagraph (d)(1)(E)), “collateral; provided, however,” was substituted for “collateral. (6) Provided however” and “percent” was substituted for “%”.
Editor’s notes.
Ga. L. 1988, p. 1908, § 2, not codified by the General Assembly, provides: “The provisions of this Act shall not be applicable to or affect existing contracts in effect on the effective date of this Act.” This Act became effective April 14, 1988.
Ga. L. 1988, p. 1908, § 4, not codified by the General Assembly, provides: “No provision of this Act shall prohibit any court of law or equity from reforming a contract or awarding damages based upon a mutual mistake of fact or fraud in the inception of a contract or its performance.

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