(a) Retainage. The Applicant will withhold a minimum of five percent of each progress payment throughout the course of the construction contract.
(b) Full release of retainage. The executive administrator will approve the full release of retainage on a contract when:
  (1) the Applicant's engineer approves the contractor's request for release of retainage;
  (2) the Applicant's governing body approves the release of retainage; and
  (3) the executive administrator issues the Certificate of Approval.
(c) Partial release of retainage. If a project is substantially complete, the executive administrator may approve a partial release of retainage.

Source Note: The provisions of this §375.108 adopted to be effective September 8, 2010, 35 TexReg 8126; amended to be effective July 30, 2012, 37 TexReg 5615; amended to be effective July 4, 2016, 41 TexReg 4853