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Retainage Released Despite Lack Of Completion Schedule; Retainage

Friday, September 03, 2004 02:44 pm

 
Retainage Released Despite Lack Of Completion Schedule; Retainage

An Ohio court has ruled that a project owner had to release retainage despite the contractor's failure to achieve substantial completion. The owner had suspended work during the performance period and then belatedly insisted on completion.

Newmark Homes, Inc. awarded a contract to Stone Excavating, Inc. for street and utility work in a residential subdivision in Vandalia. The work was defined in a series of phased milestones. Upon achievement of each milestone, Newmark was to pay Stone a stipulated amount, less six percent retainage. The contract did not include a performance schedule or completion deadline, [...]

 
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