Section 38-46-103 - Private construction contracts - retainage - conditions precedent(1) A property owner, contractor, or subcontractor shall not withhold as retainage more than five percent of the price of the work completed under the contract or subcontract. Making a partial payment under this subsection (1) is not acceptance or approval of some of the work or of a waiver of defects in the work.(2) This article 46 addresses only the amount of retainage that may be withheld by a property owner, contractor, or subcontractor and does not change, override, or invalidate any other provision in a contract, subcontract, or supply agreement. Such a provision includes, but is not limited to:(a) A provision relating to timing of a payment, including final payment;(b) A provision requiring satisfactory performance of the work of the contract, subcontract, or supply agreement before payment is due;(c) A provision allowing a property owner, contractor, or subcontractor to withhold payment or deduct from any payment otherwise due any backcharges or other amounts as authorized by the contract, subcontract, or supply agreement; or(d) A provision relating to a condition precedent that must be satisfied before a payment is due to a contractor, subcontractor, sub-subcontractor, or supplier. A condition precedent includes a requirement that:(I) A contractor must actually receive payment from the property owner to be obliged to make payment to a subcontractor or supplier; or(II) A subcontractor must actually receive payment from the contractor to be obliged to make payment to a subsequent subcontractor or supplier.Added by 2021 Ch. 146,§1, eff. 9/7/2021.L. 2021: Entire article added, (HB 21-1167), ch. 861, p. 861, § 1, effective September 7. 2021 Ch. 146, was passed without a safety clause. See Colo. Const. art. V, § 1(3).