retainage vs prompt payment
What if State Law allows 5% Retainage. Do Prompt Payment Requirements negate the Developer or GC from holding Retainage?
Retainage Act provisions says “A. Except as provided in Subsection B of this section, all construction contracts shall provide that payment for amounts due, except for retainage, shall be paid within twenty-one days after the owner receives an undisputed request for payment.”
Prompt Payment Law says “When making payments, an owner, contractor or subcontractor shall not retain, withhold, hold back or in any other manner not pay amounts owed for work performed”