28-2-2110 Limit on retainage

28-2-2110 . Limit on retainage. (1) The maximum retainage applied to construction contracts subject to the provisions of this part may not exceed 5%. (2) The retainage percentage withheld by an owner, as provided in subsection (1), from a construction contractor is the maximum retainage that a construction contractor may withhold from a subcontractor. (3) Retainage must be released upon the final acceptance of each portion of work for which a separate price is stated in the construction contract.