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I am a subcontractor in Colorado, and the general contractor…

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I am a subcontractor in...
I am a subcontractor in Colorado, and the general contractor I typically do jobs for is now going to take 4% of each check, to accumulate to $1500.00, for "performance insurance" but is not referred to as "retainage." The amount of $1500.00 is declared by the GC as being nonrefundable. Is this legal?
Submitted: 2 years ago.Category: Legal
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Answered in 6 minutes by:
1/17/2016
Lawyer: Asad Rahman, Lawyer replied 2 years ago
Asad Rahman
Asad Rahman, Lawyer
Category: Legal
Satisfied Customers: 2,556
Experience: Practicing Attorney with 10 years experience
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I think it is just semantics but it is still really retainage.

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Lawyer: Asad Rahman, Lawyer replied 2 years ago

Two years ago Colorado voted down a law that would have capped it at 5%.

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