What You Should Know About 2022 Changes to Georgia’s Retainage Statute

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Retainage is a contractual arrangement between the parties generally intended to offer the party paying for construction some added security for incomplete work, non-payment, and defective workmanship issues. The terms and conditions of retention, including the amount to be withheld, its intended use, the circumstances under which it will be released, and any interest payable on the retained amount, are typically spelled out in the contract between the parties. While parties are generally free to contract as they please, there may be statutory limitations put on how much retainage can be withheld from each progress payment.

During the 2022 General Assembly…

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