Wyoming Retainage Guide and FAQs

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Wyoming Retainage FAQs

Wyoming Retainage Overview

Wyoming Retainage Requirements


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  • Public Jobs
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Retainage Unregulated Icon
Retainage Limit

Not Regulated by State Law


Payment Period Not Regulated Icon
Pay Period

Not Regulated by State Law


NO
PROCESS
There's No Process to Recover

N/A


No Escrow Icon
Not Held In Escrow

In Wyoming, contractors and owners do not need to hold retainage funds in a separate escrow account.

Retainage 10% Icon
10 Percent

Retainage cannot exceed 10%.


Payment Period Icon
Pay Period

Retainage must be released upon completion and acceptance of the project. Public entity may release early upon request of contractor.


YES
PROCESS
There is a Process to Recover

Yes, written approval required from surety.

Retainage serves two general purposes: (1) To provide an incentive to the contractor or subcontractor to complete the project; and (2) To give the owner some protection against problems like liens, contractual defaults, delays, and more. In most states, laws exist to regulate how the parties use the retainage concept, mostly protecting some parties against abuse of the tool from others. The following are resources, legal information, and frequently asked questions about Wyoming’s retainage requirements. The Wyoming retainage statutes are reproduced below on this page.

Wyoming Retainage Frequently Asked Questions

Wyoming Retainage Private Projects FAQs

Does Wyoming limit the amount of retainage that can be withheld from a contractor?

This is not specified for private projects in the Wyoming retainage statute.

How long can a party withhold retainage in Wyoming?

This is not specified for private projects in the Wyoming retainage statute.

Does Wyoming require retained funds be deposited in a special account? Can securities be substituted for retainage?

This is not specified for private projects in the Wyoming retainage statute.

How can I make a claim to recover retainage in Wyoming?

This is not specified for private projects in the Wyoming retainage statute.

Is there a specific notice required to recover retainage in Wyoming?

This is not specified for private projects in the Wyoming retainage statute.

Wyoming Retainage Public Projects FAQs

Does Wyoming limit the amount of retainage that can be withheld from a contractor?

Retainage is limited to no more than 10%.

How long can a party withhold retainage in Wyoming?

Once 50% of the work is complete, retainage may be eliminated if progress is satisfactory.

Does Wyoming require retained funds be deposited in a special account? Can securities be substituted for retainage?

If the project is over $25,000, withheld retainage must be placed in an interest bearing account.

How can I make a claim to recover retainage in Wyoming?

Upon written request by the contractor and satisfactory work, the public entity may authorize payment from withheld percentages.

Is there a specific notice required to recover retainage in Wyoming?

Written approval is also required from any surety.

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Wyoming Retainage Statute FAQs

Getting informed about prompt payment laws is important. An examination of Wyoming’s retainage laws, the rules and regulations related to the amount and timing of allowable retained payments, is important to know your rights and responsibilities as a party on a construction project. Alabama’s specific laws can be found in: Wyo. Stat. Ann. § 16-6-702 and § 16-6-704, and are reproduced below.

Retainage Statute on Private Projects

N/A

Wyoming does not provide a specific retainage statute for private projects.

Retainage Statute on Public Projects

§ 16-6-702: Public Entity; Contracts; Partial Payments; Alternate Delivery Methods Authorized

(a) Notwithstanding W.S. 15-1-113(e), a public entity awarding a contract for the construction, major maintenance or renovation of any highway, public building, public work or public improvement, structure or system shall authorize partial payments of the amount due under the contract as stipulated in the contract document or as soon thereafter as practicable, to the contractor if the contractor is satisfactorily performing the contract. No more than ten percent (10%) of the calculated value of any work completed shall be withheld until fifty percent (50%) of the work required by the contract has been performed. Thereafter, the public entity may pay any of the remaining installments without retaining additional funds if, in the opinion of the public entity, satisfactory progress is being made in the work but under no condition shall more than ten percent (10%) be withheld on the remaining fifty percent (50%) of the work required. The withheld percentage of the contract price of the work, major maintenance, renovation or construction shall be retained in an account in the name of the contractor which has been assigned to the public entity until the contract is completed satisfactorily and finally accepted by the public entity. If the public entity finds that satisfactory progress is being made in all phases of the contract, it may, upon written request by the contractor, authorize payment from the withheld percentage. Before the payment is made, the public entity shall determine that satisfactory and substantial reasons exist for the payment and shall require written approval from any surety furnishing bonds for the contract work.

(b) Alternate design and construction delivery methods may be used by a public entity to design, construct, renovate or perform major maintenance of a public works projects.

§ 16-6-704: Interest Bearing Deposit Agreement; Requirement to Enter Into

A public entity shall enter into an interest bearing deposit agreement with any depository designated by the contractor, after notice to the surety, to provide an agent for the custodial care and servicing of any deposits placed with him pursuant to this act on any contract of more than twenty-five thousand dollars ($25,000.00). The services shall include the safekeeping of the obligations and the rendering of all services required to effectuate the purposes of this act.

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