12 Miss. Code. R. 3-20-700.28 - RETAINAGE

Mississippi Code § 31-5-33. Amount of retainage which may be withheld;

(1) In any contract for the construction, repair, alteration or demolition of any building, structure or facility awarded by the State of Mississippi, . . . which contract provides for progress payments in installments based upon . . . percentage of . . . such retainage shall be five percent (5%) . . .

On any contract . . . of which the total amount is Two Hundred Fifty Thousand Dollars ($250,000.00) or greater, or on any contract with a subcontractor, regardless of amount, five percent (5%) shall be retained until the work is at least fifty percent (50%) complete, on schedule and satisfactory in the architect's and/or engineer's opinion, at which time fifty percent (50%) of the retainage held to date shall be returned . . . for distribution to the appropriate subcontractors and suppliers. Provided, however, that future retainage shall be withheld at the rate of two and one-half percent (2 1/2%). When submitting request for reduction in retainage, the Contractor will include, with the application, a Consent of Surety to Reduction which is AIA Form G707A, and a Power of Attorney.

Notes

12 Miss. Code. R. 3-20-700.28

Adopted 11/25/2016 Amended 3/15/2021