Retainage Bill Signed into Law
updated July 14, 2011
The Retainage Bill has been signed into law by Governor Bentley as Act No. 2011-647 and will be effective for all new contracts entered into starting September 1, 2011. This legislation will reduce the retainage withheld on private works projects for General Contractors, Subcontractors, and Sub-Subcontractors to a maximum of 10% until 50% completion of the project, and no further retainage will be allowed to be withheld thereafter. This puts the retainage law for private projects in line with the current law for public works projects.