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Does the new/updated Tennessee retainage law apply to contracts signed and jobs worked on prior to the change?

TennesseePrompt PaymentRetainage

If we had a signed contract with a general contractor on a project and then the retainage law was updated/changed during the construction process, does the job then fall under the new updated law or does it remain with the date that the contract was executed with a general contractor?

2 replies

May 27, 2022
Typically, such amendments state their respective date of application. For an example, the amendments made to the Prompt pay act in 2020 state “applies to actions occurring and contracts entered into, amended, or renewed on or after July 1, 2020.” If you have further questions, please feel free to contact me.
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Jun 1, 2022

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