Laserfiche WebLink
CABARRUS COUNTY <br /> Poat Office Box 707 <br /> CONCORD, NORTH CAROLINA 28026 <br /> <br />January 9, 1990 <br /> <br />MEMO <br />TO: Board of commissioners <br />FROM: Blair Bennett, Finance Director ~-~ <br />SUBJECT: Governmental Center Retainage <br /> <br /> The contracts for the cabarrus county Governmental center <br /> all require a 10% retainage withheld from monthly progress <br /> paymentS° The state of North Carolina requires 5% retainage <br /> on their contracts, further reduced to 2 1/2% as contracts <br /> near completion. According to the architect for cabarrus <br /> county schools, the new Mt. Pleasant school contracts retain <br /> 10% until 50% completed with option to reduce to 5% if <br /> construction proceeds as scheduled. The cabarrus county <br /> Governmental Center is nearly 80% completed and on schedule <br /> according to the architect, therefore I am requesting tllat <br /> all prime contracts be reduced to a 5% retainage for the <br /> remaining completion of the project. <br /> <br /> <br />