If retainage is not withheld in the prime contract with the Owner, can the General Contractor withhold 10% retainage on the subcontractor invoices/draws?...Read More
Have an initial contract stating that only 90 percent of invoices will be paid till the end .
My question is . They have paid invoices in full to date and now admit their mistake and want to retro take from what has already been paid .
Is that legal ?...Read More
i am a subcontractor who is constantly faced with issues getting retainage released. I thought after job reached a certain percentage of completion that retainage would also be reduced?...Read More
Hi, I am a graduate student at MSU. Writing a paper on "Who owns the interest on retainage" Contractor/Owner?
Could anyone please guide me to specific rules Michigan law have about interest earned on retainage.
Thank you...Read More
I am a sub contractor working for a general contractor. I have a contract with the company for job #321. They ask me to do some extra work, but I do not get a contact. Can they hold retention on the amount due for the extras that are beyond the contract amount?...Read More
We 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?...Read More
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 am wanting to bill 80% of this total this period. Is the proper billing method on form g703 to have Column E show $12,000 Column G should this show the full total 80% of $12,000 OR should I reduce it by 5% showing $11,400.00 total Completed? with a BTF in Column H $3600 or will it be $3000 for the full 80%. If I reduce my 5% on each line item from Column G each billing, my final billing prior to my Retainage billing should show a 95% completion correct? Or do I need my final to show 100% with all amounts billing 100% THEN an additional 5%?...Read More
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 retainage, or take that 10% into consideration? For example, if the electrician is roughly 90% complete, should they be allowed to invoice 100% since 10% is being withheld?...Read More
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!...Read More
Hello! We have affordable housing project in Connecticut, we are materials supplier, owner is non profit organization. Which project type in Levelset we should select for Affordable housing projects- can affordable housing projects be under "state/county" type? Our last delivery was 07/29/2021, and only retainage is left not paid. This project have a bond, so we could file bond claim. Could you please explain deadline for retainage bond claim, as we don't know when our client - general contractor applies for or receives retainage. They said that project is not finished yet and that's why retainage is not paid yet. Thank you!...Read More
Im debating this issue with my father and I do not see how this apply to residential projects when all the language appears to be for public and commercial projects....Read More
I am an HVAC subcontractor. This job is in Texas. This fast food restaurant job is finished, mostly, and the end user customer is using the facility. They have become unresponsive to us and the general. We previously filed some notices, and we were paid on those. Now it is just the retainage, about $10K. I just sent (with Levelset) a preliminary notice of retainage. But then I got a Levelset notice that I am late on that. The retainage is now getting late.
We were last there in October. We were there in September. There was a factory startup of the HVAC equipment probably within the last 30 days, but we can't even get clear info about it. Should we send another monthly notice? Is there another form for retainage?
Thanks!
I am a little unclear since the retainage gets paid when the job gets closed out and, therefore, depends on factors outside of our immediate HVAC scope. In other words, even though we may not have been there in several months, that doesn't make the retainage technically late. Other work may need to be completed. On the other hand, that may be the wrong perspective....Read More