Recent Questions & Answers About Iowa Retainage
Colorado Retainage LawWe are a subcontractor in Colorado, we entered into a contract for $43K. The contract that was signed states that retainage will be 10%, however I thought that Colorado Limited this to 5%. The customer is stating that the subcontract agreement supersedes the law. Is this accurate?
I have a question regarding the proper deduction of retainage at each billing.We are holding a 5% Retainage on this current job. The question I have is this. We do our billings by AIA Forms g702 & g703. When calculating this retainage each billing, do I request my payment before or after the 5% retainage? Example: My Mobilization Schedule of Values Total is $15,000.00 I...
Can a customer hold back retainage if not previously specified in the contract?I am the prime contractor on a residential addition. We finished the project and the customer submitted payment, but held back 10% on the project total. Retainage was not specified or mentioned in our contract. Thank you in advance!
How to determine accurate completion billing for subs with retainage included?With 10% retainage being held on an electrical contract that will run through the entirety of the construction project (not completed partially through overall project, etc.) Should the approved percentage of a given pay app reflect the estimated completion of the work independently of the...
Can I file a Mechanics Lien?We are a Subcontractor for a large project, in the state of California. We finished the job last year. All previous invoices have been paid in full. We have the Retention invoice that has not been paid as of today. Can we put a Lien in this project?
If the owner does not hold retainage from my AIA billing, am I allowed to still hold retainage on our subcontractorsWe have a contract with someone as their GC. They are not holding retainage on us for this project. Am I able to still hold a retainage of 10% on the subcontractors that we have on the job?
