Construction Payments 101: Understanding Types, Retainage, and More
Learn everything you need to know about Construction Payments in this comprehensive guide. From types of payments, including initial, monthly, intermediate, and final payments, to acceptable storage and retainage, this article covers it all. We also delve into third-party claims, damages, and the requirements for contractor documentation for payment and punchlists. Discover the critical role the architect plays in the construction payment process and the importance of understanding AIA contract forms such as the G707 and A201. Get the knowledge you need to navigate the complex world of Construction Payments with ease.