Oregon and
Washington now allow contractors and subcontractors to avoid cash retainage by
posting a surety bond with the owner, on both public and private/commercial
construction projects. The process is similar in both states. The new bond
option is in addition to other options now available to avoid some of the
negative effects of cash retainage.
Retainage is unique to the construction industry, allowing up to 5 percent of a
progress payment to be withheld pending final completion of the project. The new
laws affect owner/lender relationships and will require changes to existing
construction contracts to implement effectively. The new laws also provide
leverage for contractors to negotiate other ways of addressing retainage, such
as terms allowing the early release of retention for some subcontractors.
This webinar, presented by the coauthor of the Oregon bill, will address both
Oregon’s and Washington’s new statutes, how to address all alternatives to cash
retainage, and what terms you may need to modify in your construction contracts
and loan agreements.
Following
the update, the speakers will remain available to address questions.
Who Should Attend?
The complimentary webinar is for contractors and subcontractors, owners and
developers, design professionals, and related industry firms. Please share this
invitation with your colleagues and encourage them to register.
Click here to view the recording.
Speakers
Gary Christensen (Miller Nash LLP) has more than 30 years of experience representing all segments of the design and construction industry in the Northwest. Since joining the firm in 1988, Gary has focused his practice on commercial construction litigation, negotiation of design and construction contracts, insurance recovery, public contracting, and strategic options for construction projects.
Jim Yand's (Miller Nash LLP) practice focuses on resolving challenges involved in construction and property development. He has more than 30 years of experience resolving high-conflict cases that often determine the continued success of the client’s project or business. Jim's representation across the construction chain also allows him to craft and litigate contract terms that achieve the most effective results.
Ian Campbell (Woodruff Sawyer) has over 20 years of broker experience, with the last ten years focusing exclusively on Surety. He manages surety programs of all size GCs, subs, and material suppliers in the Pacific Northwest. Ian is a past president of the Surety Association of Oregon (SAO) and a current member of the National Association of Surety Brokers (NASBP) 5-15 Leadership Committee.
Date / Time
Tuesday, July 9, 2024
9:00-10:30 a.m. PT
