Selection_of_Retainage_Form_Updated_2024_per_HB_4006.pdf
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- Solicitation number
- 2026.067-ITB
- Issued by
- Washington County, Oregon
About this file
This is a Selection of Retainage Form document issued by Washington County, Oregon, established under HB 4006 and updated in 2024. The form applies to contractors entering into contracts with Washington County for capital projects, including the referenced Law Enforcement Center Civil and Permits Lobby project involving the installation of two transaction windows. Contractors must execute and submit the retainage selection form prior to preparation of the first progress payment, as failure to do so results in automatic selection of the first option. The form does not specify project timelines, site visit requirements, or bidders' meetings.
The retainage mechanism established under Oregon law requires Washington County to withhold five percent (5%) of the contract price until project completion and acceptance. Contractors may select from four retainage options: (1) County investment of withheld retainage with accrued interest returned to the contractor upon final payment; (2) contractor-established interest-bearing commercial bank or trust account in Oregon with County control and contractor interest accrual; (3) contractor deposit of cash equal to or greater than five percent (5%) of the contract amount into the County investment portfolio in lieu of retainage; or (4) contractor deposit of acceptable bonds or securities covering at least five percent (5%) of the contract amount, including U.S. obligations, Federal National Mortgage Association indebtedness, Oregon general obligation bonds, or irrevocable letters of credit from insured institutions. All interest accrues to the contractor regardless of selected option, and funds are released upon final payment. The form was approved as to form by Deputy County Counsel Cortney D. Duke-Driessen on May 15, 2024.
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Text version
ATTACHMENT A - SELECTION OF RETAINAGE OPTION
WHEREAS the Contractor either intends to enter or has entered into a certain contract with Washington County for the _______________________ Project.
Retainage in the amount of five percent (5%) of the contract price of the work completed will be held by Washington County until such time as the project is completed and accepted by Washington County. Oregon law allows specific alternatives for the holding and accounting of this retainage at the option of the contractor. FAILURE TO EXECUTE AND SUBMIT THIS FORM PRIOR TO PREPARATION OF THE FIRST PROGRESS PAYMENT WILL RESULT
IN THE AUTOMATIC SELECTION OF THE FIRST OPTION.
The Contractor elects the following option in providing for retainage for the above-named project. (check one only)
___1. Washington County will withhold payment and invest the retainage with the County investment portfolio as the retainage accumulates. Interest on the account will accrue to the contractor. Funds in the account will be released to the Contractor as part of final payment.
___2. The Contractor will set up an interest-bearing account in a commercial bank or trust company in Oregon
(name of lending institution) in the name of Washington County. The County will place five percent (5%) retainage, withheld from each progress payment, into the interest-earning account. Funds in the account will be under the control of Washington County and will be released to the contractor as part of final payment. Interest on the account will accrue to the contractor.
___3. Before the first progress payment is made, the Contractor will deposit (cash amount greater than or equal to five percent (5%) of contract amount) in the County’s investment portfolio in lieu of retainage. Interest on the account will accrue to the Contractor. Funds in the account will be released to the Contractor as part of final payment.
___4. The contractor will deposit acceptable bonds or securities, for all or any portion of the amount of funds retained, or to be retained, equal to at least five percent (5%) of the contract amount, with the County or with a bank or trust company in Oregon. The bank or trust company will provide a safekeeping receipt to the County. The securities must cover all of the retainage.
Acceptable Bonds and Securities to be Held in Lieu of Retainage:
1. Bills, certificates, notes, bonds or other obligations of the United States, its agencies or its wholly owned corporations. Obligations of a corporation wholly owned by the federal government.
2. Indebtedness of the Federal National Mortgage Association.
3. General obligation bonds of the State of Oregon or a political subdivision of the State of Oregon.
4. Irrevocable letters of credit issued by an insured institution, as defined in ORS 706.008.
For
Company Name Federal Tax ID Number
By (Signature) By (Printed Name)
Approved as to Form:
Cortney D. Duke-Driessen, Deputy County Counsel Signed and Dated: May 15, 2024
File details come from the government source that posted it. Updated .