§ 16-110. Progress payments and retainage on construction contracts.

Latest version.

(a)

In any public contract for construction which provides for progress payments in installments based upon an estimated percentage of completion, the contractor shall be paid at least 95 percent of the earned sum when payment is due, with not more than five percent being retained to ensure faithful performance of the contract. All amounts withheld may be included in the final payment.

(b)

Any subcontract for a public project which provides for similar progress payments shall be subject to the same limitation.

State Law reference— Similar provisions, Code of Virginia, §2.2-43333.

State law reference

Similar provisions, Code of Virginia, §2.2-43333.

                    
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