The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: GraceZ who wrote (18447)	3/11/2004 6:52:58 AM
From: scrooge	Read Replies (1) of 306849

The 10% to which you refer is called 'retainage'. The GC doesn't hold it, the owner retains it until the final payment after all punch list items have been completed and the job is 100% complete. It is common practice on all commercial projects here in NJ/NY area. It can take years to get retainage...and sometimes you never do. If you have a $20K contract, and your work is done on the front end of the job, by the time the job is 100% complete, your time to file a lien is long gone and the owners know it. It can be an ugly business

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