45-1204 Withholdings; authorized. - Nebraska Statutes

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Statutes > Nebraska > Chapter45 > 45-1204

45-1204. Withholdings; authorized.When work hasbeen performed pursuant to a contract, a party may only withhold payment:(1) For retainage,in an amount not to exceed the amount specified in the contract, if applicable,until the work is substantially complete;(2) Of a reasonable amount, to the extentthat such withholding is allowed in the contract, for any of the followingreasons:(a) Reasonable evidence showing that the contractual completiondate will not be met due to unsatisfactory job progress;(b) Third-partyclaims filed or reasonable evidence that such a claim will be filed with respectto work under the contract; or(c) Failure of the contractor to make timelypayments for labor, equipment, subcontractors, or materials; or(3) After substantialcompletion, in an amount not to exceed one hundred twenty-five percent ofthe estimated cost to complete the work remaining on the contract. SourceLaws 2010, LB552, § 4.

State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-1204

45-1204. Withholdings; authorized.When work hasbeen performed pursuant to a contract, a party may only withhold payment:(1) For retainage,in an amount not to exceed the amount specified in the contract, if applicable,until the work is substantially complete;(2) Of a reasonable amount, to the extentthat such withholding is allowed in the contract, for any of the followingreasons:(a) Reasonable evidence showing that the contractual completiondate will not be met due to unsatisfactory job progress;(b) Third-partyclaims filed or reasonable evidence that such a claim will be filed with respectto work under the contract; or(c) Failure of the contractor to make timelypayments for labor, equipment, subcontractors, or materials; or(3) After substantialcompletion, in an amount not to exceed one hundred twenty-five percent ofthe estimated cost to complete the work remaining on the contract. SourceLaws 2010, LB552, § 4.

State Codes and Statutes

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State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-1204

45-1204. Withholdings; authorized.When work hasbeen performed pursuant to a contract, a party may only withhold payment:(1) For retainage,in an amount not to exceed the amount specified in the contract, if applicable,until the work is substantially complete;(2) Of a reasonable amount, to the extentthat such withholding is allowed in the contract, for any of the followingreasons:(a) Reasonable evidence showing that the contractual completiondate will not be met due to unsatisfactory job progress;(b) Third-partyclaims filed or reasonable evidence that such a claim will be filed with respectto work under the contract; or(c) Failure of the contractor to make timelypayments for labor, equipment, subcontractors, or materials; or(3) After substantialcompletion, in an amount not to exceed one hundred twenty-five percent ofthe estimated cost to complete the work remaining on the contract. SourceLaws 2010, LB552, § 4.