CT HB07074

Amends Connecticut General Statutes Section 42-158k to regulate retainage in private construction contracts, effective July 1, 2017.

Limits retainage withheld in construction contracts to a maximum of five percent of the estimated amount of each progress payment for the entire project.

Requires owners to release all retainage no later than thirty days after issuance of a certificate of final completion by the owner or owner's representative.

Alternatively permits release of retainage within thirty days of the owner's written acceptance of the completed construction project work.