Selection_of_Retainage_Form_Updated_4.1.2024_per_HB_4006.docx
DOCX document 21 KB Posted
- Solicitation number
- 2026.067-ITB
- Issued by
- Washington County, Oregon
About this file
This is a Selection of Retainage Form document for Washington County, Oregon, applicable to a contract for the installation of two transaction windows in the Permits and Civil Lobbies at the Law Enforcement Center. The form requires contractors to select one of four retainage options prior to preparation of the first progress payment, with automatic selection of Option 1 occurring if the form is not executed and submitted timely. The project involves installing transaction windows in two separate lobby areas while maintaining business operations during standard hours (Monday through Friday, 8:00 AM to 5:00 PM), necessitating after-hours work completion. Background checks are required for personnel assigned to the project.
Retainage will be held at five percent (5%) of the contract price until project completion and acceptance by Washington County. Contractors may elect to have Washington County withhold and invest the retainage within the County investment portfolio with accruing interest; establish an interest-bearing account at an Oregon commercial bank or trust company in the County's name; deposit cash equivalent to or greater than five percent (5%) of the contract amount into the County's investment portfolio in lieu of retainage; or deposit acceptable bonds or securities equal to at least five percent (5%) of the contract amount with the County or an Oregon financial institution. Acceptable securities include U.S. obligations, Federal National Mortgage Association indebtedness, Oregon general obligation bonds, or irrevocable letters of credit from insured institutions. Interest accrues to the contractor under all options, and funds are released upon final payment and project acceptance.
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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. Indebtedness of the Federal National Mortgage Association.
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)
File details come from the government source that posted it. Updated .