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Washington Retainage Bond

Construction Retainage Laws By State

Name: Washington Retainage Bond
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.72 (318 reviews)

Category:

Washington Construction - Bonds

State:

Washington

Control #:

WA-0069-RB

Format:

Instant download

Description

This retainage bond holds payment to a government contractor in accordance with the law of the state of Washington. The contract involves a public university project. Washington statutes require agencies to withhold up to 5% of the value of a public improvement contract, not including sales tax according to Department of Revenue. The amount is held as retainage until the project is completed and the contract is accepted. This provides a financial incentive for contractors to finish a project, as well as a limited amount of financial protection for the involved parties.

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FAQ

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.

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.

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.

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.

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 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.

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.

More info

Retainage is a percentage of the contract for a construction project that is withheld and not paid out until the final completion of the work. Retainage is an agreed upon portion of the contract price that's withheld until the completion of the project.A retention bond allows the retainer to receive the payment in full instead of a partial 90 to 95 percent of the agreed amount. The agency must release the retainage to the contractor after the project is completed, minus any claim amounts. A Retention Bond is a type of Performance Bond. Retainage is a tool to incentivize the contractor's completion of every last bit of contractually obligated work at the end of a job. The retainage acts as the surety's collateral for the proper stream of payments on a project. Office of Superintendent of Public Instruction. Old Capitol Building, PO Box 47200. This is a clear advantage for the contractor who has full use of earned contract proceeds to complete the project as prescribed in the contract.

Construction Retainage Laws By State

Description

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