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Latest comment: 8 years ago1 comment1 person in discussion
This 2006 article, tagged since 2009, actually has merit concerning contract law in regard to security for creditors. I am exploring making improvements.
Statutory holdback's are covered by Canadian law such as the Builders Lien Act or US state laws such as the Michigan Construction Lien Act.
US: Holdbacks are known as "Retainage" in the US.
In Michigan the act covers such things as a Notice of Commencement, Notice of Furnishing, or Sworn Statement.
Canada: A holdback is at least 10 per cent of the value of labor (labour) and materials applied to the project must be held back from each progress payment for the benefit of sub-contractors to the payee. Information concerning Canada can be found through the Canadian Construction Documents Committee (CCDC). Otr500 (talk) 10:40, 24 May 2016 (UTC)Reply
