Statutory holdbacks
11/3/2017 at 5:57:25 PM
Maybe someone can help. I understand a hold back being held back for 45 days upon completion of job but we have completed a job over a year ago and we are still waiting for hold back because technically the whole job isn't completed just yet. But our part of the job was completed over a year ago and this contractor keeps saying we don't receive holdback until the entire job is completed. What if this whole job takes 3 years to complete.. i will receive hold back in 3 years? Can someone please tell me if this is correct? What this contractor is telling us or should we have received our hold back 45 days after the completion of OUR part of the job, what we were contracted out to do?
11/6/2017 at 11:07:12 AM
Logic says that job is done as long as your done with your associated items? No sense to wait for another trades to finish their work then you will get paid for the holdback
11/7/2017 at 7:50:21 AM
Your contract needs to stipulate your payment terms - usually it is 90 days or something like that. I believe 90 days is standard. After that you can go after them, put a lean on the house, etc. If they are saying this to you, they don't have the money, or you are too low in the pecking order. I would take action immediately, because if these guys go under, you are going to have a hard time getting your money.
11/7/2017 at 7:50:23 AM
Your contract needs to stipulate your payment terms - usually it is 90 days or something like that. I believe 90 days is standard. After that you can go after them, put a lean on the house, etc. If they are saying this to you, they don't have the money, or you are too low in the pecking order. I would take action immediately, because if these guys go under, you are going to have a hard time getting your money.
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