Selection_of_Retainage_Form_Updated_4.1.2024_per_HB_4006.docx
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- Solicitation number
- 2026.076-ITB
- Issued by
- Washington County, Oregon
About this file
This document is a Selection of Retainage Option form issued by Washington County, Oregon, for contractors entering into construction contracts with the county. The form requires contractors to elect one of four options for handling the five percent retainage that will be withheld from progress payments until project completion and acceptance. Contractors must execute and submit this form prior to the preparation of the first progress payment; failure to do so results in automatic selection of the first option. The form applies to the Public Services Building Suite 350 Tenant Improvement project, which involves interior improvements to a 22,037 square foot office suite on the third floor of the Washington County Public Services Building.
The retainage options provide contractors with flexibility in managing withheld funds. Option one allows Washington County to withhold and invest retainage within the county investment portfolio with interest accruing to the contractor. Option two permits the contractor to establish an interest-bearing account at an Oregon commercial bank or trust company in the county's name, with the county depositing five percent retainage from each progress payment. Option three allows the contractor to deposit cash equal to or greater than five percent of the contract amount into the county's investment portfolio in lieu of retainage. Option four enables the contractor to deposit acceptable bonds or securities equal to at least five percent 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 funds, regardless of option selected, are released to the contractor as part of final payment with accrued interest retained by the contractor.
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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 .