Tennessee Legislature Amends Retainage Laws

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Recent amendments to the retainage statutes, which take effect July 1, 2012, enhance the penalties for failing to properly withhold, deposit and release retainage on Tennessee projects. The changes also include new administrative and notice requirements for owners.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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