436.324. Release of retainage, when. - Missouri Statutes

Release of retainage, when.

436.324. Within thirty days of the project reaching substantialcompletion, as defined in section 436.327, all retainage or substitutesecurity shall be released by the owner to the contractor less an amountequal to one hundred fifty percent of the costs to complete any remainingitems. Upon receipt of such retainage from the owner, the contractor shallwithin seven days release to each subcontractor that subcontractor's shareof the retainage.

(L. 2002 H.B. 1403)