A contractor submits Application for Payment #8 for $425,000. The owner's retainage is 5% until the project reaches 50% completion. The project is now 65% complete with a total contract value of $2,200,000. How much should the owner retain from this application?
Correct Answer
A) $0
Since the project is 65% complete and has exceeded the 50% completion threshold, retainage is no longer withheld according to the contract terms.
Why This Is the Correct Answer
Since the project is 65% complete and has exceeded the 50% completion threshold, retainage is no longer withheld according to the contract terms.
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