By Bruce Jervis
The retention of a percentage of each progress payment is customary in the construction industry. The purpose is to protect a project owner or prime contractor against incomplete or noncompliant work by a contractor or subcontractor. The retained funds are released upon successful completion of the project to the parties that performed the work. Read more.
This week's blog highlights from across the industry look at:
- Construction equipment — telematics and GPS
- Construction equipment — buy used or new?
- What's the Internet of Things have to do with construction?
- Lean construction on the Ohio River
- Remote-control vehicles making their way to construction sites