When To Use
Use G707A™ when the owner-contractor agreement allows for a reduction or partial release of retainage before completion and the contractor has furnished a bond requiring surety consent.
What It Does
G707A obtains the surety's consent to a partial release of retainage prior to project completion. It protects owners by requiring the surety's formal approval before any early release of retainage. This consent preserves bond coverage while giving contractors and owners flexibility to manage cash flow as the project nears completion.
