How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Asad Rahman Your Own Question
Asad Rahman
Asad Rahman, Lawyer
Category: Legal
Satisfied Customers: 2156
Experience:  Practicing Attorney with 10 years experience
91018665
Type Your Legal Question Here...
Asad Rahman is online now
A new question is answered every 9 seconds

I am a subcontractor in Colorado, and the general contractor

Customer Question

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: 1 year ago.
Category: Legal
Expert:  Asad Rahman replied 1 year ago.

I think it is just semantics but it is still really retainage.

Expert:  Asad Rahman replied 1 year ago.

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