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CO HB1165
Bill
Status
Introduced
1/21/2014
Primary Sponsor
Randolph Fischer
Click for details
AI Summary
- Limits retainage in private construction contracts to 5% of completed work value, requiring payment of at least 95% of amounts due according to an agreed-upon payment schedule
- Requires owners, contractors, and subcontractors to remit retained amounts to contractors, subcontractors, and sub-subcontractors after work is satisfactorily completed and finally accepted
- Voids and makes unenforceable any contract provisions that establish retainage exceeding the 5% limit, regardless of choice-of-law provisions
- Allows civil actions to recover withheld amounts with interest at 1.5% per month and reasonable attorney fees to the prevailing party, with a one-year statute of limitations
- Excludes from the requirement contracts for single-family dwellings, multi-family dwellings with four or fewer units, projects under $150,000, contracts with public entities, and railroad property
Legislative Description
Private Construction Contract Retainage & Payments
Last Action
House Committee on Business, Labor, Economic, & Workforce Development Postpone Indefinitely
2/27/2014
Committee Referrals
Business, Labor, Economic, & Workforce Development1/21/2014
Full Bill Text
No bill text available