Susan McGreevy, Christy Milliken Write Column for CFMA Building Profits Magazine
Susan McGreevy and Christy Milliken published a column in the May/ June 2017 issue of CFMA Building Profits magazine. The piece is entitled "A Practical Guide to Understanding Retainage."
Retainage is a concept whereby the owner or upstream party has the right to hold back money earned until a later time, when it is disbursed under specified conditions. Large construction projects take a lot of time and cost a lot of money and most contractors cannot wait until after the work is complete to be paid. So, contractors are generally paid incre¬mentally throughout the project as work is successfully accomplished.
In the column Susan and Christy examine the how retainage works, the federal and state laws governing the practice and some common issues that can arise that contractors should plan and prepare for.
CFMA Building Profits magazine covers construction financial management and topics like accounting, tax, risk management and technology.
Susan is a partner in the firm's Kansas City office. She advises construction companies, sureties, design professionals and owners in their day-to-day business ventures. She drafts and negotiates all types of agreements, dispute resolution, strategic and succession planning, and representing sureties in bond claims and litigation.
Christy practices in the firm's Washington, DC office. She represents owners, general contractors, subcontractors, and suppliers in commercial and construction arbitration proceedings, administrative actions, and in state and federal courts at both the trial and appellate levels
Read the full story: "A Practical Guide to Understanding Retainage."