                                 CODE OF VIRGINIA

RETAINAGE ON CONSTRUCTION CONTRACTS (§ 2.2-4333)

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