Pierce Lathing Co. v. Isec, Inc.

OPINION

Appellant Pierce Lathing Company (“Pierce”) and respondent ISEC, Inc. (“ISEC”) were subcontractors in connection with construction of luxury suites at the Caesar’s Palace resort in Las Vegas. The stated contract price was $78,000.00. The subcontract contained the following “retention” provision:

ISEC shall upon receipt from the Owner pay the subcontractor 90% of such work, labor, and materials and shall retain the remaining 10% until the final completion and acceptance of all work covered by this Subcontract, and such percentage so retained shall not be considered monies due and owing…