CCC and their lobby team of Valdez Public Affairs are pleased with the response to HB20 1046 with much of the Colorado construction industry in support of the legislation. The work prior to the 2021 Colorado General Assembly will focus on the banking and construction development community.
Retainage is part of a construction contractual arrangement where payment for a percentage of the value of completed work is withheld until completion. Typically, in Colorado, that amount is 10% of the total contract for private work. The practice is commonly perceived to provide a level of financial protection to the party withholding retainage as well as an added incentive for proper and timely performance of the work. However, in an industry where profit margins are thin and cash management is essential, withholding retainage can create a significant financial strain on contractors and subcontractors.
Meeting with state legislators is a highly effective way to help them understand your position on an issue or the services your organization provides. Legislators welcome visits from constituents and businesses that serve those constituents. They want you involved! .
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