Construction Contract Cost Plus Withholding In Massachusetts
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Construction Law and the 'Right to Cure' Statute of Limitations Massachusetts 6 years for contracts 3 years for torts Michigan 6 years for contracts 3 years for torts 1 year for injury resulting from gross negligence Minnesota 2 years from discovery of injury for contracts or torts Mississippi 3 years for contracts and torts47 more rows
Retainage cannot exceed 5%. The public entity may hold 1% retainage after substantial completion pending final completion of entire work.
The main obligation arising from the contract is to complete the specific work, in ance with the agreed terms and specifications as well as the conditions required by the standards.
What is Retainage? 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.