(1) The maximum retainage applied to construction contracts subject to the provisions of this part may not exceed 5%.
(2) The retainage percentage withheld by an owner, as provided in subsection (1), from a construction contractor is the maximum retainage that a construction contractor may withhold from a subcontractor.
(3) Retainage must be released upon the final acceptance of each portion of work for which a separate price is stated in the construction contract.