Virginia § 2.2-4333 Retainage on construction contracts

Virginia Statutes

§ 2.2-4333 — Retainage on construction contracts

Virginia § 2.2-4333

JurisdictionVirginia

Title 2.2ADMINISTRATION OF GOVERNMENT

Subtitle IIADMINISTRATION OF STATE GOVERNMENT

Ch. 43VIRGINIA PUBLIC PROCUREMENT ACT

Art. 2CONTRACT FORMATION AND ADMINISTRATION

Part BTRANSACTION OF PUBLIC BUSINESS

This text of Virginia § 2.2-4333 (Retainage on construction contracts) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 2.2-4333 (2026).

Text

A.In any public contract for construction that provides for progress payments in installments based upon an estimated percentage of completion, the contractor shall be paid at least ninety-five percent of the earned sum when payment is due, with no more than five percent being retained to ensure faithful performance of the contract. All amounts withheld may be included in the final payment.

B.Any subcontract for a public project that provides for similar progress payments shall be subject to the provisions of this section.

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A. In any public contract for construction that provides for progress payments in installments based upon an estimated percentage of completion, the contractor shall be paid at least ninety-five percent of the earned sum when payment is due, with no more than five percent being retained to ensure faithful performance of the contract. All amounts withheld may be included in the final payment.

B. Any subcontract for a public project that provides for similar progress payments shall be subject to the provisions of this section.