Washington Retainage Bond
Description
How to fill out Washington Retainage Bond?
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FAQ
Purpose of Retainage Retainage, also referred to as a ?hold back,? helps the owner ensure a contractor sufficiently completes the project, and that the work meets with their approval and terms of the contract. It also provides a financial incentive for the contractor to see the project through to its successful finish.
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.
For example, if the complete project cost is $200,000 to be paid in five progress payments and the percentage to be retained is 5%, the calculation would be as follows: 200,000 x 0.05 = 10,000 total retainage amount. 10,000 divided by 5 = 2,000 retainage withheld from each progress payment.
Retainage and Retainage Bonds. RCW 60.28. 011 requires agencies to withhold up to 5% of the value of a public improvement contract, not including sales tax ing to Department of Revenue ETA 3024.2013, as retainage until the project is completed and the contract is accepted.
A retention bond allows the retainer to receive the payment in full instead of a partial 90 to 95 percent of the agreed amount. It also provides additional funds to remedy an issue before the project's completion. Furthermore, it helps prevent construction companies from defaulting.
A Retention Guarantee Bond is a written promises to pay for direct loss or damage suffered by a third party as a result of a breach of contract. Many types of bond or guarantee are available for almost any area of risk, subject to underlying security and the risk being acceptable to the guarantor.
General contractors require a $12,000 surety bond, and specialty contractors need a $6,000 bond that they must post to the Washington State Dept.