Retainage is commonly used in construction to withhold funds until project completion. Unfortunately for some contractors, this means their payment for the project may get delayed for years until the project is completed....more
Retainage is a critical tool for public project owners to ensure satisfactory contractor performance. The maximum retainage rate for public projects typically ranges from 5% to 10%, depending on the contract value. For large...more
On July 2, 2019, the United States Bankruptcy Court for the Southern District of Mississippi sent a clear message to secured lenders that their security interests on a contractor's account receivables, even if perfected, will...more