Tenn. case shows need to understand retainage rules

2022-01-06

Attorney D. Bryan Thomas points to a recent case in Tennessee as an example of how contractors should keep abreast of state laws on withholding retainage. Under Tennessee law, "failure to create and fund the retainage escrow account properly subjects the holder to a $300 per day liability and constitutes a misdemeanor, subject to a fine of $3,000 a day," Thomas writes.

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