Retainage Reform Bill for
Commercial Projects Pending in Ohio
The American Subcontractors Association (ASA) conducted a nationwide survey of approximately 600 subcontractors from 39 states and found that the average subcontractor carried $620,025 in retainage receivables an average of 160 days after completing the work.
Ohio State Representative Robert F. Hagan has introduced H.B. 497, a bill designed to reform retainage practices on public and private commercial work. H.B. 497 would require:
• Retainage on private work to mirror retainage provisions of public work;
• Line item release of retainage;
• General contractors to hold no greater percentage of retainage than held on them;
• Owners to pay retainage within 60 days of certificate of occupancy;
• Prohibition of mandated and overvalued retainage – type items in schedule of values; and to
• Address any unintended problems with the Prompt Pay Act and make consistent with the retainage provisions above.
Specialty glazing contractor Harmon Inc. now offers a new flyer describing its commercial glass services including glass replacement, doors and entrances, door hardware, leak detection, interior glass products, window film and emergency 24-hour service …
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