GC Jamal Washington holds a 312,000-dollar contract for a new 2,150 sq ft residence. The contract and lender documents specify 10 percent retainage on each progress payment until the project reaches substantial completion, at which point retainage drops to 5 percent. The current application is for 187,200 dollars of completed work. What is the maximum amount the GC can expect to receive on this draw before the retainage reduction point?
