General Assembly Raised Bill No. 7074
January Session, 2017 LCO No. 3908
*03908_______GL_*
Referred to Committee on GENERAL LAW
Introduced by:
(GL)
General Assembly
Raised Bill No. 7074
January Session, 2017
LCO No. 3908
*03908_______GL_*
Referred to Committee on GENERAL LAW
Introduced by:
(GL)
AN ACT CONCERNING THE RELEASE OF RETAINAGE WITHHELD IN PRIVATE CONSTRUCTION CONTRACTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 42-158k of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017):
No construction contract may provide for any retainage in an amount that exceeds five per cent of the estimated amount of a progress payment for the life of the construction project. All retainage shall be paid by the owner not later than thirty days after the issuance of a certificate of final completion by the owner or the owner's authorized representative or not later than thirty days after the equivalent written acceptance of the construction project work by the owner.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2017 42-158k
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2017
42-158k
Statement of Purpose:
To provide for the timely and full release of retainage withheld in private construction projects.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]