Utah Receipt of Payment for Obligation
Description
How to fill out Receipt Of Payment For Obligation?
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FAQ
Maximum retainage is 5% of the total construction project price. Retainage by parties other than the owner is also limited to 5%. Summary of Utah Retainage requirements and laws for Utah construction projects including free forms, FAQs, resources and more.
How long does a creditor have to collect a debt in Utah? In Utah, the statute of limitations for a written agreement is generally six years.
Pursuant to Utah Code § 13-8-5, Utah's retainage statute, the total retention proceeds withheld from a project may not exceed 5 percent of the total contract price.
A breach of contract occurs when one party to a written or oral agreement fails to honor the contract. In Utah, statutes of limitations allow four years for the filing of charges relating to breached oral contracts or six years for breached written contracts.
Deceptive act or practice by supplier. A deceptive act or practice by a supplier in connection with a consumer transaction violates this chapter whether it occurs before, during, or after the transaction.
Effective 2/27/2023 13-8-5 Definitions -- Limitation on retention proceeds withheld -- Deposit in interest-bearing escrow account -- Release of proceeds -- Payment to subcontractors -- Penalty -- No waiver.
13-8-1 Construction industry -- Agreements to indemnify. (2) Except as provided in Subsection (3), an indemnification provision in a construction contract is against public policy and is void and unenforceable.
If one by a negligent act places himself or his property in a position of danger his negligence does not contribute to defeat his recovery if the situation was known to the defendant in time to avert the consequences of plaintiff's own negligence. In such case defendant's negligence is the sole cause of the injury.
