Article Date: 11/01/2009

RETAINAGE RAISES QUESTIONS OF BALANCE AND FAIRNESS

Construction contracts customarily stipulate that a certain percentage of each progress payment will be retained until completion of the project. The purpose of retainage is to provide security to the project owner-security against incomplete or defective work, security against liens by subcontractors and suppliers, and ultimately, security against contractor default. The practice of retaining funds, though well ... Log in to view the full text.

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