§ 66-34-103. Withholding of Retainage — Violations — Penalties
All construction contracts on any project in this state, both public and private, may provide for the withholding of retainage; provided, however, that the retainage amount may not exceed five percent (5%) of the amount of the contract. The owner, whether public or private, shall release and pay all retainages for work completed pursuant to […]
§ 66-34-104. Retention of Portion of Contract Price in Escrow — Applicability — Mandatory Compliance
Whenever, in any contract for the improvement of real property, a certain amount or percentage of the contract price is retained, that retained amount must be deposited in a separate, interest-bearing, escrow account with a third party which must be established upon the withholding of any retainage. As of the time of the withholding of […]