Section 436.333 – Unenforceability of contracts entered into after August 28, 2002.
Effective – 28 Aug 2002 436.333. Unenforceability of contracts entered into after August 28, 2002. — A contract or agreement formed after August 28, 2002, shall be unenforceable to the extent that its provisions are inconsistent with sections 436.300 to 436.336. If retainage is withheld in violation of sections 436.300 to 436.360, a court may, […]
Section 436.336 – Applicability.
Effective – 28 Aug 2002 436.336. Applicability. — Sections 436.300 to 436.336 shall apply to contracts and agreements entered into after August 28, 2002. Sections 436.300 to 436.336 shall apply to all private construction projects, except single-family residential construction and other residential construction consisting of four or fewer units. ——– (L. 2002 H.B. 1403)
Section 436.303 – Contract provisions — retainage.
Effective – 28 Aug 2002 436.303. Contract provisions — retainage. — A contract or agreement may include a provision for the retainage of a portion of any payment due from the owner to the contractor, not to exceed ten percent of the amount of such payment due pursuant to the contract or agreement, to ensure […]
Section 436.306 – Security tendered, when.
Effective – 28 Aug 2002 436.306. Security tendered, when. — 1. The contractor may tender to the owner acceptable substitute security as set forth in section 436.312 with a written request for release of retainage in the amount of the substitute security. The contractor shall thereupon either: (1) Be entitled to receive cash payment of […]
Section 436.309 – Subcontractor may tender substitute security, when.
Effective – 28 Aug 2002 436.309. Subcontractor may tender substitute security, when. — A subcontractor of the contractor may tender to the contractor acceptable substitute security as set forth in section 436.312 with a written request for release of retainage in the amount of the substitute security. The contractor shall tender the subcontractor’s substitute security […]
Section 436.312 – Substitute security requirements.
Effective – 28 Aug 2002 436.312. Substitute security requirements. — 1. The following shall constitute acceptable substitute security for purposes of sections 436.306 and 436.309: (1) Certificates of deposit drawn and issued by a national banking association located in this state or by any banking corporation incorporated pursuant to the laws of this state, and […]
Section 436.315 – Withholding of retainage prohibited, when.
Effective – 28 Aug 2002 436.315. Withholding of retainage prohibited, when. — A contractor shall not withhold from any subcontractor any retainage in excess of the retainage withheld from the contractor by the owner for the subcontractor’s work, unless the subcontractor’s performance is not in accordance with the terms of the subcontract, in which case, […]
Section 436.318 – Release of retainage, payment made.
Effective – 28 Aug 2002 436.318. Release of retainage, payment made. — Upon the release of retainage by the owner to the contractor, other than for substituted security pursuant to sections 436.306 and 436.312, the contractor shall pay to each subcontractor the subcontractor’s ratable share of the retainage released, provided that all conditions of the […]
Section 436.321 – Adjustment in retainage, when.
Effective – 28 Aug 2002 436.321. Adjustment in retainage, when. — If it is determined that a subcontractor’s performance has been satisfactorily completed and the subcontractor can be released prior to substantial completion of the entire project without risk to the owner involving the subcontractor’s work, the contractor shall request such adjustment in retainage, if […]
Section 436.324 – Release of retainage, when.
Effective – 28 Aug 2002 436.324. Release of retainage, when. — Within thirty days of the project reaching substantial completion, as defined in section 436.327, all retainage or substitute security shall be released by the owner to the contractor less an amount equal to one hundred fifty percent of the costs to complete any remaining […]