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The contract controls the parties' respective rights and obligations. Unless the contract provides for interest on the holdback, the seller cannot demand interest.
The seller may be able to get a court to reform the contract so as to release the holdback, but, there's no way for me to analyze the possibilities without reviewing the contracts -- which I can only do outside of this forum, because you are requesting a bona fide legal service.
I will send you a premium services offer, and we can take the matter offline.
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