CA retainage question
On your levelset website it says: “Retainage withheld from a direct contractor must be released by 45 days from the “date of completion.” Amounts withheld by the direct contractor from a subcontractor or supplier must be released within 10 days of the contractor’s receipt of any retention payment.”
When we bill a job, when its complete we bill 90% of the contract amount with a 60 day payment period. We usually bill the retention about 30 days later.
According to the statement above we should bill the retention at the same time but then expect payment of that to be made within 45 days? (in less time than the final bill?) That does not make sense…