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.
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.