What is Retainage and How to Get it Sooner
What is retainage? Retainage is standard in many construction contracts as an incentive for the contractor to perform their work in a satisfactory manner. When retainage is used, the contractor will receive a percentage of their contract price as portion of their payment at the start of a project. These retainage payments are typically withheld until the project is completed and a final inspection has been performed to ensure that the work is of the highest quality and meets all of the specifications of the contract.
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About Alex Barthet
Alexander Barthet is a board certified construction attorney in Florida and holds a B.S. in mechanical engineering. He manages The Barthet Firm, a ten lawyer construction law firm in Miami, and maintains a construction law blog at www.TheLienZone.com. He can be reached at 305-347-5295 or alex@barthet.com
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