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CT HB05328

Bill

Official Source

Status

Passed

6/3/2016

Primary Sponsor

General Law Committee

Click for details

Origin

House of Representatives

2016 General Assembly

AI Summary

  • Reduces maximum retainage (money withheld from contractor payments) from 10% to 7.5% for state agency contracts, further reducing to 5% once 50% of contract is completed
  • Requires payment of retainage within 90 days after submission of a complete application demonstrating 50% contract completion
  • Maintains 2.5% retainage cap for Department of Transportation contracts and 5% cap for municipal contracts
  • Shortens surety bond claim deadline from 180 days to 180 days after materials supplied or work performed, with surety required to pay or deny claims within 90 days
  • Adds requirement that sureties indemnify claimants for reasonable attorneys' fees and costs if surety fails to meet payment obligations, and allows courts to award attorneys' fees to prevailing parties in bond disputes

Legislative Description

An Act Concerning Public Work Contract Retainage And Enforcement Of The Right To Payment On A Bond.

Last Action

Signed by the Governor

6/3/2016

Committee Referrals

General Law2/18/2016

Full Bill Text

No bill text available