A new video-on-demand from the Foundation of the American Subcontractors Association can help construction subcontractors that may be experiencing cash-flow and other problems caused by retainage. As it applies to subcontractors, retainage is the practice of regularly holding a portion of progress payments that subcontractors earn for performing construction services.
In the video-on-demand, “Negotiating Retainage”, presenter Eric Travers, Esq., Kegler, Brown, Hill & Ritter, Columbus, Ohio, explains how subcontractors can negotiate zero or reduced retainage with their clients from a position of strength. He also explains how subcontractors can modify a bid to eliminate or disincentivize retainage, including discouraging withholding for closeout line items.
“Negotiating Retainage” (Item #8061) can be downloaded from the FASA Contractors’ Knowledge Depot at www.contractorsknowledgedepot.com. This 60-minute video-on-demand can be viewed whenever, and as many times as, you’d like and costs $65 for ASA members and $95 for nonmembers.