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CT HB07073
Bill
Status
Passed
7/5/2017
Primary Sponsor
General Law Committee
Click for details
AI Summary
- Requires property owners to pay contractors and their subcontractors/suppliers within 30 days of written payment requests for labor performed or materials furnished
- Mandates contractors pay their subcontractors within 30 days of receiving payment from the owner for work encompassing that subcontractor's labor or materials
- Establishes that unpaid parties can demand payment through certified mail notice, after which the owner/contractor becomes liable for 1% monthly interest and must place disputed funds in an escrow account unless payment is contested on grounds of non-performance or funds not being due
- Limits retainage (withheld funds) in construction contracts to a maximum of 5% of progress payments and requires all retainage be paid within 30 days after final completion certificate or project acceptance
- Allows subcontractors and suppliers to pursue direct legal action against property owners in superior court if payment is not made after proper notice
Legislative Description
An Act Concerning Remedies In Lawsuits Against Property Owners By Subcontractors And The Release Of Retainage Withheld In Private Construction Contracts.
Last Action
Signed by the Governor
7/5/2017
Committee Referrals
General Law2/16/2017
Full Bill Text
No bill text available