Amendments to Washington’s Retainage Statute Expose Sureties to Additional Risk

In February 2017, the Surety Team at Williams, Kastner & Gibbs wrote an article regarding a proposed amendment to Washington’s retainage statute, RCW 60.28.011(6). House Bill 1538, which became effective on July 23, 2017, was largely supported and advanced by subcontractor trade groups in an effort to relieve cash flow constraints on public projects. However, the practical result of the law will increase risk and underwriting costs for the surety industry.

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