☰ Revisor of Missouri

Title XXVIII CONTRACTS AND CONTRACTUAL RELATIONS

Chapter 436

< > Effective - 28 Aug 2002    bottom

  436.306.  Security tendered, when. — 1.  The contractor may tender to the owner acceptable substitute security as set forth in section 436.312 with a written request for release of retainage in the amount of the substitute security.  The contractor shall thereupon either:

  (1)  Be entitled to receive cash payment of retainage pursuant to this section; or

  (2)  Not be subject to the withholding of retainage, in either case, to the extent of the security tendered, provided that the contractor is not in default of its agreement with the owner.

  2.  If the tender described in subsection 1 of this section is made after retainage has been withheld, the owner shall, within five working days after receipt of the tender, pay to the contractor the withheld retainage to the extent of the substitute security.  If the tender described in subsection 1 of this section is made before retainage has been withheld, the owner shall, to the extent of the substitute security, refrain from withholding any retainage from the future payments.

­­--------

(L. 2002 H.B. 1403)


---- end of effective  28 Aug 2002 ----

use this link to bookmark section  436.306


Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House