REDUCE PRIVATE RETAINAGE TO 5%
CCC and their lobby team of Valdez Public Affairs are pleased to announce that HB21 1167 has been introduced in the House Business Affairs Committee with most of the Colorado Construction Industry in support. We have been working with the sponsor and all stakeholders since Spring 2020.
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.
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