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Oh. Thought you were saying we should get all the legal work for free because of our retained counsel. The way the contract was structured (apparently 'standa
by jbooth 14y ago
Oh. Thought you were saying we should get all the legal work for free because of our retained counsel.
The way the contract was structured (apparently 'standard'), we retained about 2% of the total. Hard to retain more because the GC does have to pay subcontractors, or at least that's what we were told. We withheld, they sued, we countersued.
- Anechoic 14y agoYes, the "retainage" I'm refering to is: http://en.wikipedia.org/wiki/Retainage http://en.wikipedia.org/wiki/Retainage 2% retainage seems really low. Contracts I've been involved with had retainage of at least 5% and as high as 10%. Hard to retain more because the GC does have to pay subcontractors Someone fed your town a load of horseshit. Retainage may apply to just the prime, or so everyone on the team. If it applies to just the prime, the contract should have language telling the prime not to screw the subs (I was involved in a project where the prime had retainage and I as a sub was not subject to it - the prime got fired from the job, and the agency contracted me directly to make sure I got paid in full). If it applies to everyone on the team, everyone's check arrives 5-10% light, again that's pretty standard.
- jbooth 14y agoI wasn't there when the contract was inked, just for the lawsuit in the aftermath. Obviously in hindsight they should've pushed to retain more.