Bill Text: CT SB00131 | 2010 | General Assembly | Chaptered

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Bill Title: An Act Concerning Retainage.

Spectrum: Moderate Partisan Bill (Democrat 7-1)

Status: (Passed) 2010-06-11 - Signed by the Governor [SB00131 Detail]

Download: Connecticut-2010-SB00131-Chaptered.html

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Senate Bill No. 131

Public Act No. 10-148

AN ACT CONCERNING RETAINAGE.

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 Section 42-158k of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010):

No construction contract may provide for any retainage in an amount that exceeds [seven and one-half] five per cent of the estimated amount of a progress payment for the life of the construction project.

Approved June 8, 2010