Retention Payment
Applied in 1 court decision — leading case Rotondo Weirich Enters., Inc. v. Sundt/Layton (In re Rotondo Weirich Enters., Inc.) (2018)
Most recently applied in Rotondo Weirich Enters., Inc. v. Sundt/Layton (In re Rotondo Weirich Enters., Inc.) (April 2018)
Added by Stats. 2010, Ch. 697, Sec. 20
If an owner or direct contractor does not make a retention payment within the time required by this article:
(a) The owner or direct contractor is liable to the person to which payment is owed for a penalty of 2 percent per month on the amount wrongfully withheld, in place of any interest otherwise due.
(b) In an action for collection of the amount wrongfully withheld, the prevailing party is entitled to costs and reasonable attorney’s fees.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.