do you have a sample for a retainage payment to sign between client and the prime contractor?
we are completed with the project but were asking for the funds to be placed in an escrow account
28,000.00
1 reply
May 18, 2020
New Jersey isn't a state that requires retainage to be held in escrow, so if that will be done, it'll need to be pursuant to an agreement between you and the party releasing your retainage. Unfortunately, Levelset does not have a downloadable template for escrow agreements. But, searching for one online should produce a lot of results. Be careful, though - downloadable templates aren't always suitable for your specific situation.
If you'll be entering into an escrow agreement for the release of retainage, then consulting a New Jersey construction attorney would be wise. They'll be able to review your circumstances and relevant documentation, then advise on how to proceed. Plus, they should be able to draft the agreement you're looking for.