Retainage requirements.
Changes the maximum amount of retainage for certain state and local public works projects from: (1) 10% to 6% of the dollar value of all work satisfactorily completed until the public work is 50% complete; and (2) 5% to 3% of the dollar value of all work satisfactorily completed until the public work is substantially complete. Removes the requirement of a minimum amount of retainage for certain state and local public works projects.
CIVIL LAW AND PROCEDURE; Contracts and Legal Documents
CONSTRUCTION
LOCAL GOVERNMENT; Contracts, Procurements, and Purchases
STATE GOVERNMENT; Contracts, Procurements, and Purchases
STATE GOVERNMENT; Public Works and Improvements
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