I am seeking solid terminology on when a retainage payment must be paid out. I have seen contradicting language and just looking for clarification. I have seen language stating "substantial completion of the project" and I have also seen language more specific to the specific work a subcontractor has completed. I am just looking to find which is correct and if we get paid once the overall job has substantial completion and or they receive the use and occupy permit or if once we complete our scope of work, we get paid....Read More
If we had a signed contract with a general contractor on a project and then the retainage law was updated/changed during the construction process, does the job then fall under the new updated law or does it remain with the date that the contract was executed with a general contractor?...Read More
If there is contract for over $500,000 that exists between the owner and the GC, can the owner
opt not to hold retention so owner would not have to open an escrow account for retention? If so, can the GC hold retention on his subcontractors?
If the GC can hold retention on his subcontractors, does that mean the GC is required to open a single escrow account as an "umbrella" for all of the subcontractors together? Or would the GC have to open a separate escrow account for each individual subcontractor?
If the owner does not hold retention on the contract over $500,000, should the GC then not hold retention since, technically, the GC would be paid all monies owed to the GC since the owner did not hold retention on the GC?
These laws regarding retention and escrow accounts are really confusing to me.
Thank you in advance for your help....Read More
is there any case law that specifically sets out what a reasonable legal reason for nonpayment under the Tennessee prompt pay act would be?...Read More
Our Client gave us a check with with non-matching numbers and words as we deposit many checks at once this was over looked and $2200, was deposited into our account. I brought this issue up to our bank to have it corrected and the money returned as it was not done correctly. However, the client put a stop payment on the second check he wrote to us, client still owes us roughly $1500 for the job and now we have a fee $410 fee for the stop payment. He claims he left the number amount out and we intentionally put $2000 on his check, this is simply not true. My biggest concern now is what are the potential pitfalls we could suffer due to this and how should we prepare ourselves for possible legal actions. ...Read More
My husband did a job for a store a month ago and he still hasn't been paid. There was never a contract made up and nothing was ever put in writing saying that it would take this long to get his money. The owner of the store says that the check from this place he did work at hasn't come in, but we think different. How can we go about this situation and how can he get his money? ...Read More
A subcontractor that we have used believes he should be paid on Fridays as employees are paid. Is it a requiement to pay him on a scheduled day or can it we pay when the job is finished?...Read More