The 2022 lien amendments re-define “retainage” as “an amount representing part of a contract payment that is not required to be paid to the Claimant within the month following the month in which labor is performed, material is furnished, or specially fabricated material is delivered.” In other words, “retainage” is the amount an Original Contractor or Subcontractor can withhold from its Subcontractor or Supplier from a progress payment as allowed by the subcontract. Note, “retainage” or “contractual retainage” is not the same as “statutory retainage”, of which the 2022 lien amendments now refer to as “Reserved Funds”. Reserved Funds are the 10% a Property Owner is required to withhold from an Original Contractor’s progress payment until 30 days from completion of the Project. Withheld retainage should be paid out by the Original Contractor within no later than 30 days from substantial completion of the Project or as agreed upon in the subcontract.