Common use of Retainage Clause in Contracts

Retainage. The Owner will withhold from each progress payment, as retainage, 5 percent of the total earned amount, or the amount authorized by law. Retainage is managed in conformance with Tex. Gov’t Code, Chapter 2252, Government Code, subchapter B. 10.3.2.1 The Contractor shall provide written consent of its Surety for any request for reduction or release of retainage. 10.3.2.2 At least sixty-five (65) percent of the total Contract must be completed before the Owner can consider a retainage reduction or release.

Retainage. The Owner will withhold from each progress payment, as retainage, 5 percent of the total earned amount, or the amount authorized by law. Retainage is managed in conformance with Tex. Gov’t Code, Chapter 2252, Government Code, subchapter B. 10.3.2.1 The Contractor shall provide written consent of its Surety for any request for reduction or release of retainage. 10.3.2.2 At least sixty-five (65) percent of the total Contract, or such other discrete Work phase as set forth in Subsection 12.1.6 or Work package delineated in the Contract must be completed before the Owner can consider a retainage reduction or release.Documents, must