HI SB1587

Amends public contract retainage rules to base withholding on a percentage of the "total project budget" rather than the amount due to the contractor

Removes the previous provision that allowed no additional retainage after 50% project completion with satisfactory progress

Requires retainage to be paid to contractors within a specified number of days after 100% project completion, including all certificates, inspections, and warranty periods (exact number of days left blank in bill)

Defines "total project budget" as the contract amount that may be adjusted through amendments and supplementary contracts

Applies to public contracts executed on or after January 1, 2026, with an effective date of January 1, 2491 (appears to be a typographical error)