Which waiver, Conditional Final or Conditional Progress? – Final Progress Billing 100%, 5% Retainage
I am a prime contractor on a commercial project. What dollar amount and which conditional waiver do I request when the subcontractor sends in their billing for 100% complete? In our state of Minnesota, 5% retention is withheld from progress payments.
The through date of the final billing (progress billing 2) is September 30, and is approved for 100% complete.
Revised Contract Amount is $36,869.00
Previously Approved Amount is $13,127.50
Complete through September 30, Progress Billing 2: 100%.
Current payment due is $21,898.05
Balance to finish (including 5% retainage) is $1,843.45