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Private Retainage 2021

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.

HB21-1167

HB21 1167 UPDATES

PASSED | 10- 3 VOTE

Thursday, March 18, 2021 | 1:30 p.m. | House Business Affairs Committee

WEEK OF MARCH 22

2nd Reading in House of Representatives

CONTACT YOUR REPRESENTATIVE

Site Content

retainage fact sheet

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.

FACT SHEET

how to talk to your legislator

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! .  

GUIDELINES

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