1997 Minnesota Statutes

     15.72 Progress payments on public contracts; retainage. 

    Subdivision 1.  Unless the terms of the contract provide 
 otherwise, a public contracting agency shall make progress 
 payments on a public contract for a public improvement monthly 
 as the work progresses.  Payments shall be based upon estimates 
 of work completed as approved by the public contracting agency.  
 A progress payment shall not be considered acceptance or 
 approval of any work or waiver of any defects therein.  

    Subd. 2.  A public contracting agency may reserve as 
 retainage from any progress payment on a public contract for a 
 public improvement an amount not to exceed five percent of the 
 payment.  A public agency may reduce the amount of the retainage 
 and may eliminate retainage on any monthly contract payment if, 
 in the agency's opinion, the work is progressing satisfactorily. 

    HIST: 1980 c 464 s 2