Common use of WITHHOLDING/RETAINAGE Clause in Contracts

WITHHOLDING/RETAINAGE. If a contractor or subcontractor unreasonably withholds acceptance of the work or materials or fails to pay retainage as required by this section, the owner, contractor or subcontractor is subject to the interest, penalty and attorney's fees provisions of this chapter. [PL 1993, c. 461, §1 (NEW).] SECTION HISTORY PL 1993, c. 461, §1 (NEW). §1117. Prepayment or advance payment This chapter in no way may be construed to prohibit an owner, contractor or subcontractor from making advance payments, progress payments or from prepaying if agreements or other circumstances make those payments appropriate. All such payments must be made promptly and are subject to the interest, penalty and other provisions of this chapter. [PL 1993, c. 461, §1 (NEW).] SECTION HISTORY PL 1993, c. 461, §1 (NEW).