Release of Retainage
Withholding Less Retainage ≠ Release of Retainage; No Prompt Pay Act Violation
March 31st, 2016
Sometimes a construction contract allows for the amount of retainage being withheld by the owner to reduce, once the project is more than half complete. For instance, retainage that starts at 10% may reduce, at the halfway mark, to 5% being withheld…
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