Progress payments to Oregon contractors (and now, subcontractors) now may be paid in full — without retainage — by posting a retainage surety bond, whether on public or private projects. Even better, the requirement that retainage be kept in escrow has been repealed. An industry-sponsored bill, HB 4006-A, that also had the support of state and local public agencies, was passed by the Oregon Legislature unanimously and became law on March 7, 2024, for new construction contracts.
