Alabama Damage Release (For Construction and Testing a Powerline)
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How to fill out Damage Release (For Construction And Testing A Powerline)?
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FAQ
Retainage, also called retention, is an amount withheld from the contractor until a later date. It's fairly common, especially on commercial and public construction projects, and typically ranges from 5 - 10% of the total contract price.
A public owner in Alabama may withhold up to 5% retainage from the prime contractor for up to 50% percent project completion (Ala. Code § 39-2-12). However, after 50% completion of the project has been accomplished, the owner cannot withhold additional retainage.
On all private projects within the state of Alabama, no more than 10% can be withheld as retainage. However, once a project reaches 50% completion, no more retainage may be withheld. Upon substantial completion of the project, owners must typically release retainage within 60 days.
In most cases, the retainage percentage is between 5 and 10 percent. The percentage can be fixed (staying the same throughout the course of the project), or variable (starting higher and reducing or even being eliminated once the project reaches a certain threshold?such as 50% complete).
Statutory (2 years from discovery of problems). Ala. Code § 6-5-221 (1975). That statute stated that claims must be brought within two years from when the cause of action accrued.
Section 8-29-3 - Timely Payments to Contractors and Subcontractors; Noncompliance With Chapter; Percentage of Retainage on Payments.
