28-2-2110. Limit on retainage.
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/mt/title-28/chapter-2/part-21/28-2-2110·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
28-2-2110 . Limit on retainage.
(1)The maximum retainage applied to construction contracts subject to the provisions of this part may not exceed 5%.
(2)The retainage percentage withheld by an owner, as provided in subsection (1), from a construction contractor is the maximum retainage that a construction contractor may withhold from a subcontractor.
(3)Retainage must be released upon the final acceptance of each portion of work for which a separate price is stated in the construction contract.