2/1/2020: Change to Retainage for Construction Contracts
Per a recent update to the Board of Regents, State of Iowa General Conditions, projects with construction estimates over $100,000 bidding after February 1, 2020 will have five percent (5%) retainage withheld from each progress payment, after any applicable adjustments in accordance with the Agreement, until final payment. This change is consistent with the provisions of Chapters 262 and 573 of the Code of Iowa.
Questions? Contact Kathy McKown at firstname.lastname@example.org or 515.294.0366.