Oregon and Washington now allow contractors and subcontractors to avoid cash retainage by posting a surety bond with the owner, on both public and private/commercial construction projects. The process is similar in both states. The new bond option is in addition to other options now available to avoid some of the negative effects of cash retainage.

Retainage is unique to the construction industry, allowing up to 5 percent of a progress payment to be withheld pending final completion of the project. The new laws affect owner/lender relationships and will require changes to existing construction contracts to implement effectively. The new laws also provide leverage for contractors to negotiate other ways of addressing retainage, such as terms allowing the early release of retention for some subcontractors.

This webinar, presented by the coauthor of the Oregon bill, will address both Oregon’s and Washington’s new statutes, how to address all alternatives to cash retainage, and what terms you may need to modify in your construction contracts and loan agreements.

Following the update, the speakers will remain available to address questions.

Who Should Attend?
The complimentary webinar is for contractors and subcontractors, owners and developers, design professionals, and related industry firms. Please share this invitation with your colleagues and encourage them to register.