Insufficient Surety Bonds Issued in Lieu of Retention Money
Department of Public Works and Highways · 2023
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe surety bonds submitted by contractors to replace withheld cash retentions were inadequate.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The Surety Bond issued in lieu of the Retention Money for projects implemented is insufficient and/or deficient."