State Finance and Procurement - Retention Proceeds

Summary

The bill forces any undisputed retention money held by a state agency or contractor on a construction contract to be released within 90 days after the project is substantially finished. It also caps retainage at 5% when contractors provide full payment and performance securities and sets rules for escrow and interest on retained funds.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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