How To Take Advantage Of New Retainage Laws in Louisiana
On September 3, 2010
By Scott Wolfe Jr
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Earlier this week, we wrote about the new Retainage Law in Louisiana. It’s a remarkable change in the status quo from the perspective of general contractors, taking all retainage out the hands of the property owner and placing it into an interest earning escrow account.
However, whether the law is productive for your construction company will depend on whether you take advantage of the law.
This week, I published a Legal Guide on Avvo.com offering step-by-step instructions to general contractors on how to take advantage of the the new retainage requirements in Louisiana. Read the step-by-step guide here. And, for a teaser, here is the introduction:
Effective August 15, 2010, retainage withheld by property owners on qualifying projects must be placed in an interest bearing escrow account. This Legal Guide explain how to take advantage of this new requirement to help secure your payment.
This article was originally posted on Wolfe Law Group’s topic-specific Louisiana Construction Law Blog.
About the Author: Scott Wolfe Jr
Scott Wolfe, Jr. obtained his J.D. degree from Loyola University of New Orleans, and his B.A. from Southern Methodist University in Dallas, TX. In 2006, 2007, 2008 and 2009, Scott was recognized as a Leader in Law by CityBusiness Magazine. The son and grandson of general contractors, Scott is a construction litigator in the Pacific Northwest, and the founding member of the bi-coastal law firm, Wolfe Law Group. Scott is also the founder and CEO of Express Lien, Inc., a legal document preparation service for contractors. In 2008, City Business Magazine recognized Scott as one of its Innovators of the Year for the Express Lien concept. As an entrepreneur himself, Scott has a strong background in business and commercial transactions and laws. He focuses his practice on the legal issues facing the construction industry, and has represented clients in multi-million dollar construction disputes in litigation and alternative dispute resolution proceedings. Scott is a LEED AP.
