We are a third party funds monitoring that may have a construction loan in Tennessee
Oct 19, 2017
Yes, Tennessee does have statutes pertaining to retainage. Applicable rules can be found in TENN. CODE ANN. §§ 4-15-102, 12-4-108, 66-34-103, 66-34-104. But, long story short, retainage must be released to the original contractor within 90 days from substantial completion. Funds withheld by the original contractor must be released to subcontractors within 10 days of the date on which the funds withheld from the original contractor are released to it.