In some jurisdictions, there are two or more holdbacks. For example, Ontario Canada employs both a basic and a finishing holdback. The basic holdback is 10% of the total project cost, and is released after 45 days from substantial completion of a project. The finishing holdback is 10% of the value of work still left to be completed after substantial completion of the project, and is released only after 45 days from completion of the project.
Trust above all.(LAW)(Saskatchewan's Builders' Lien Act, Superior Crane (Canada) Inc. v. Justan Consulting Ltd. and MG Electric Ltd v. (CSE) Control Systems Engineering Inc.)
Dec 01, 2004; Builders' lien legislation is designed to protect those in the construction chain from the insolvency or wrongdoing of those...