Guest 1 2019-06-28
RE: Contractor may request that the retainage be reduced to the value of the work remaining uncompleted on the project. Retainage withheld from subcontractors cannot exceed 5%. If the contract is less than or equal to $35,000, the public entity and contractor can agree to withhold 50% of the contract price instead of requiring a bond.
1 year ago
Can you please guide me to where this law or statue.. is? So I can reference it when I show it to my boss? We have had many jobs >$35,000 where they have required 10% retention.
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Matthew Viator 2019-06-28 https://www.levelset.com/payment-help/reply/reply-to-re-contractor-may-request-that-the-retainage-be-reduced-to-the-value-of-the-work-remaining-uncompleted-on-the-project-retainage-withheld-from-subcontractors-cannot-exceed-5-if-the-contra/
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