§ 2.2-4333 Retainage on construction contracts
A. In any public contract for construction that provides for progress payments in installments based upon an estimated percentage of completion, the contractor shall be paid at least ninety-five percent of the earned sum when payment is due, with no 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 that provides for similar progress payments shall be subject to the provisions of this section.
History
This law was first created in 1982. The record of its establishment is cataloged in chapter 647 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2001, chapter 844.
1982, c. 647, § 11-56; 2001, c. 844.