PA 10-148—SB 131

General Law Committee

AN ACT CONCERNING RETAINAGE

SUMMARY: This act lowers the maximum retainage allowed in commercial construction contracts from 7. 5% to 5%. “Retainage” is the amount withheld from progress payments conditioned on substantial or final completion of all work in accordance with a construction contract. It does not include amounts withheld for failure to comply with construction plans or specifications.

EFFECTIVE DATE: October 1, 2010

OLR Tracking: DC: VR: JL: ts