Tennessee Law For Retainage
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How to fill out Tennessee Paternity Law And Procedure Handbook?
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FAQ
Retainage is defined as ??a portion of the agreed-upon contract price deliberately withheld until the work is substantially complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project.? Although Tennessee enacted a construction retainage statue many years ago, ...
The client, who owes retainage to the contractor, records retainage as a liability. For example, if a contractor works on a $100,000 project with a ten percent retainage, then they will record $90,000 as accounts receivable and $10,000 as retainage due.
Retainage is the withholding of a portion of the funds that are due to a contractor or subcontractor until the construction project is finished. It is meant to serve as a financial incentive and an assurance that the contractor will complete the project in a satisfactory manner.
(a) All construction contracts on any project in this state, both public and private, may provide for the withholding of retainage; provided, however, that the retainage amount may not exceed five percent (5%) of the amount of the contract.