Right now, the State of Washington is backlogged in it’s processing of completed Public Works contracts. This is a concern, as the delay holds up the release of Retainage payments to the contractor, thereby reducing the contractor’s cash flow.
Retainage Bonds can be a solution for this, and are written by the Surety that also executed the Performance and Payment bonds for the project. In rare circumstances, a Surety will write Retainage where a Performance bond was not issued, but only for established accounts.
Ask your Surety for a Retainage Bond at the time of the Performance & Payment bond request. If your Surety does not write Retainage, let us know!