Mason Rollins | Bradley Arant Boult Cummings Depending on the state, retainage often provides an owner a security interest in unpaid funds to help cover completion costs or other damages that may later occur by withholding a certain portion (typically 5-10%) of contract funds from downstream contractors. Retainage also incentivizes the downstream contractors to timely… Continue reading An Update and Refresher on Retainage
Tag: Retainage
Prime Contractor Beware, No. 3: Tis The Season, but is your Retainage Safe Under the Tree?
David K. Taylor | BuildSmart Here’s the Scenario: Try explaining the concept of “retainage” to a businessperson unfamiliar with the construction industry at your next holiday party. Here’s the typical response as she spits out her eggnog: “Wait a minute: are you telling me that when work and materials timely supplied on a private commercial project… Continue reading Prime Contractor Beware, No. 3: Tis The Season, but is your Retainage Safe Under the Tree?
Retention on Progress Payments for Oregon Construction Projects is Now…Complicated
D. Gary Christensen | Miller Nash Retainage from progress payments is commonplace for most Oregon construction contractors. Traditionally, there have been few laws governing retention; almost all of the “rules” were established in the parties’ construction contract. Beginning in 2000, however, all that changed. Now public and private contractors need to take a fresh look… Continue reading Retention on Progress Payments for Oregon Construction Projects is Now…Complicated
Retainage – Pay Attention, Mistakes Can be Very Costly
D. Bryan Thomas | Bradley Legislation about retainage has become common place as many states have adopted different limitations, requirements, and schemes. A recent case in Tennessee is a good reminder that you must pay attention to all of the relevant state’s requirements. Failure to do so can be costly. In Snake Steel, Inc. v. Holladay… Continue reading Retainage – Pay Attention, Mistakes Can be Very Costly
Construction Contractors Must Understand Retainage In 2021
Ed Williams | Construction Executive Retainage has become a vital part of the contracting and construction process. If defined precisely, retainage is a practice of withholding a particular percentage of the payment until the project is delivered. However, the practice can turn to be a challenge for small contractors, as it is laid over a… Continue reading Construction Contractors Must Understand Retainage In 2021