2012 Nebraska Revised Statutes
Chapter 45 - INTEREST, LOANS, AND DEBT
45-1204 - Withholdings; authorized.
When work has been 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 extent that such withholding is allowed in the contract, for any of the following reasons:
(a) Reasonable evidence showing that the contractual completion date will not be met due to unsatisfactory job progress;
(b) Third-party claims filed or reasonable evidence that such a claim will be filed with respect to work under the contract; or
(c) Failure of the contractor to make timely payments for labor, equipment, subcontractors, or materials; or
(3) After substantial completion, in an amount not to exceed one hundred twenty-five percent of the estimated cost to complete the work remaining on the contract.
- Laws 2010, LB552, ยง 4.
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