Earlier this week, we wrote about the new Retainage Law in Louisiana. It’s a remarkable change in the status quo from the perspective of general contractors, taking all retainage out the hands of the property owner and placing it into an interest earning escrow account.
However, whether the law is productive for your construction company will depend on whether you take advantage of the law.
This week, I published a Legal Guide on Avvo.com offering step-by-step instructions to general contractors on how to take advantage of the the new retainage requirements in Louisiana. Read the step-by-step guide here. And, for a teaser, here is the introduction:
Effective August 15, 2010, retainage withheld by property owners on qualifying projects must be placed in an interest bearing escrow account. This Legal Guide explain how to take advantage of this new requirement to help secure your payment.