US DOT Prompt Payment/Return of Retainage

Ensuring its recipients enforce the prompt payment and return of retainage requirements is a serious concern for USDOT. Prompt payment and early return of retainage are necessary for small businesses to meet their payroll and pay their suppliers. Unlike large companies, small businesses often do not have the financial liquidity or access to financing necessary to survive delays in payment for their completed and accepted work. Congress took note of this concern and directed USDOT to take additional steps to ensure that recipients comply with regulatory requirements. This session covers prompt payment and return of retainage and the importance of effective monitoring, oversight, and enforcement to ensure compliance.