2.2-4333 - Retainage on construction contracts. - Virginia Statutes

§ 2.2-4333. Retainage on construction contracts.

A. In any public contract for construction that provides for progresspayments in installments based upon an estimated percentage of completion,the contractor shall be paid at least ninety-five percent of the earned sumwhen payment is due, with no more than five percent being retained to ensurefaithful performance of the contract. All amounts withheld may be included inthe final payment.

B. Any subcontract for a public project that provides for similar progresspayments shall be subject to the provisions of this section.

(1982, c. 647, § 11-56; 2001, c. 844.)