REDUCE PRIVATE RETAINAGE TO 5%
HB21 1167 has passed the Colorado Senate on 2nd reading without debate or amendments on Thursday, April 29, 2021. Third reading on Friday, April 30 passed 25 to 10. HB21 1167 is on to the Governor for signature!
Congratulations!!! What are your plans for that extra 5%?
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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