| (a) Retainage. The Applicant will withhold a minimum
of five percent 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; and
(3) the executive administrator issues the Certificate
of Approval.
(c) Partial release of retainage. If the executive
administrator determines that a project is substantially complete,
the executive administrator may approve a partial release of retainage.
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