Tennessee § 66-34-203 Withholding of payment or retainage by owner

Tennessee Statutes

§ 66-34-203 — Withholding of payment or retainage by owner

This chapter does not prevent the owner from reasonably withholding payment or a portion of a payment to the prime contractor, as long as the withholding is in accordance with the written contract between the owner and the prime contractor. The owner may also withhold a reasonable amount of retainage as specified in the written contract between the owner and the prime contractor, as long as the retainage amount does not exceed five percent (5%) of the amount of the contract.

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This chapter does not prevent the owner from reasonably withholding payment or a portion of a payment to the prime contractor, as long as the withholding is in accordance with the written contract between the owner and the prime contractor. The owner may also withhold a reasonable amount of retainage as specified in the written contract between the owner and the prime contractor, as long as the retainage amount does not exceed five percent (5%) of the amount of the contract.

Tennessee § 66-34-203 (Withholding of payment or retainage by owner) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.