§ 22-41. Retainage on construction contracts.
(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 ninety-five (95) percent of the earned sum when payment is due, with not more than five (5) percent being retained to assure 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 provisions of this section.
(Ord. of 1-5-2010)
(Ord. of 1-5-2010)