Title
Authorization to reduce Tandem’s retainage from 5% to 2% for the softball fields.
Summary
Reducing the retainage amount from 5% to 2% permits the contractor to compensate all of his subcontractors due to inclement weather and project modifications. The 2% retainage will be held until close out and completion of the project.
Fiscal/Budgetary Impact
$2,435,148.07 Total amount budgeted for project
$121,757.40 5% Retainage from total amount budgeted for project
$48,702.96 2% Retainage held until final close out and completion of project
Recommended Action
Authorize to reduce Tandem’s retainage from 5% to 2% for the softball fields.