(a) Retainage. The Applicant will withhold a minimum
of 5% of each progress payment throughout the course of the construction
contract.
(b) Full release of retainage. The executive administrator
will approve the full release of retainage on a contract when:
  (1) the Applicant's engineer approves the contractor's
request for release of retainage; and
  (2) the Applicant's governing body approves the release
of retainage.
(c) Partial release of retainage. If a project is substantially
complete, the executive administrator may approve a partial release
of retainage.


Source Note: The provisions of this §375.108 adopted to be effective September 8, 2010, 35 TexReg 8126; amended to be effective July 30, 2012, 37 TexReg 5615