Talk:Retainage

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Louisiana: Retainage[edit]

On 15 Aug 2010 Louisiana passed a new "retainage law", amending the Private Works Act to add §9:4815. This resulted from Senate bill (SB) 218. The law affects all projects over $50,000.00 that are not a single or double family residence or part of a list of excluded industries contained in the law. The law will facilitate the closing of a contract by stipulation that any amount that may be withheld from any periodic payments, as as a retainage, shall be deposited by the owner into an interest bearing escrow account with a qualified financial institution and shall be under the control of an escrow agent. The escrow account and escrow agent shall be selected by mutual agreement between the owner and the contractor. Lacking any existing claims by the owner, and with a written release signed by the contractor and the owner, the entire amount shall be paid within three business days upon receipt by the escrow agent. If there is a dispute the law provides for payment of any undisputed amount and provides for settlement by order of a judge or arbitrator.

Proposal to merge with Retentions in the British construction industry[edit]

I propose that this page be merged with Retentions in the British construction industry into a new page perhaps called Retainage and Retentions. It appears that these two pages primarily cover the same concept from two different perspectives (one from the US and one from the UK), and it might be better to merge the pages to encourage a worldwide view on the topic.

I have outlined a possible way the two pages would be merged into a new page at this sandbox page of mine - User:Thunderstorm008/sandbox/rr.

Discussion will happen at Talk:Retentions in the British construction industry.

Thunderstorm008 (talk · contributions) 18:59, 6 December 2019 (UTC)[reply]