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S.F. No. 2783 - Public contracts: release of retainage (as amended by SCS2783A-5)
 
Author: Senator Mark W. Koran
 
Prepared By: Priyanka Premo, Senate Counsel (651/296-3914)
 
Date: March 26, 2018



 

S.F. 2783 requires a public agency to release the retainage or final payment due on a project within 45 days after the prime contractor’s work is substantially complete. A project is “substantially complete” when the project can be occupied or used by the agency for its intended purpose.

Provides a cap on the amount that may be withheld based on the value of incomplete or defective work at 150 percent of the value of that work and any withheld amounts must be paid within 45 days after completion of the work.

Effective date. August 1, 2018 for contracts entered into on or after that date.

 
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