Alabama Approval of extension of management services agreement
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How to fill out Approval Of Extension Of Management Services Agreement?
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FAQ
The process for claiming an extension of time Typically, the contractor has a responsibility to notify the Project Manager, when an issue might affect the project schedule. Often, a formal letter should be sent to the contract administrator outlining the request for the extension of time.
Retainage withheld by owner shall not exceed 10%, and after 50% project completion, no further retainage shall be withheld.
On all private projects within the state of Alabama, no more than 10% can be withheld as retainage. However, once a project reaches 50% completion, no more retainage may be withheld. Upon substantial completion of the project, owners must typically release retainage within 60 days.
Section 8-29-3 - Timely Payments to Contractors and Subcontractors; Noncompliance With Chapter; Percentage of Retainage on Payments.