We have a client that we were getting ready to send the 3rd month notice out to as August 15th would be the deadline to send. We received an email yesterday saying that the check was ready ( less 10%) but in order to pick up we would need to sign the contract and a conditional waiver and release on progress payment. The job ( at least our portion) has been completed since May- the contract that they are just sending over agrees to 10% retainage to be payable 30 days after completion or up contractor being paid from owner. If we signed this contract now- what would our collection rights be on the remaining 10% of the contract?
Afternoon, thank you for reaching out. Here is a great article on Texas Retainage rules Texas Retainage rules . Please let me know if I can help any further.