NEWS & EVENTS
Brumitt Publishes Article in “Contractor’s Compass”
Lee Brumitt published a story in the December 2016 edition of Contractor’s Compass entitled, “Eliminate or Reduce Financial Impact of Retainage.”
“In the 1840s, the United Kingdom was constructing a massive railway system. The huge work demand brought unqualified and insolvent contractors to the fray. Defective and incomplete work was commonplace. To combat the losses and assure that work was completed, the government withheld 20 percent of the contract amount. Thus, the practice of retainage was born. Critics say its time has come and gone.”