On any contract as described herein, of which the total amount is Two Hundred Fifty Thousand Dollars ($250,000.00) or greater, or on any contract with a subcontractor, regardless of amount, five percent (5%) shall be retained until the work is at least fifty percent (50%) complete, on schedule and satisfactory in the architect's and/or engineer's opinion, at which time fifty percent (50%) of the retainage held to date shall be returned to the prime contractor for distribution to the appropriate subcontractors and suppliers. Provided, however, that future retainage shall be withheld at the rate of two and one-half percent (21/2%).
Structure Mississippi Code
Title 31 - Public Business, Bonds and Obligations
Chapter 5 - Public Works Contracts
§ 31-5-3. Bond for payment of taxes, licenses, etc.
§ 31-5-17. Resident labor used on public works
§ 31-5-19. Procedure if resident labor not available
§ 31-5-23. State products used in public works
§ 31-5-27. Payment of interest on delinquent accounts
§ 31-5-29. Applicability of Sections 31-5-25, 31-5-27
§ 31-5-33. Amount of retainage which may be withheld; exemptions