Loading chat...
MO SB529
Bill
Status
Passed
6/20/2014
Primary Sponsor
Wayne Wallingford
Click for details
AI Summary
- Reduces the maximum retainage on public works contracts from 10 percent to 5 percent, except for contracts under $50,000 where retainage may reach 10 percent
- Requires public owners to pay at least 98 percent of retainage within 30 days after substantial completion and acceptance of work, with written explanation required if work deemed incomplete within 14 days
- Changes retainage for minor incomplete items from 200 percent to 150 percent of the item's value
- Reduces maximum retainage on subcontractor payments from 10 percent to 5 percent when contractors receive payment from public owners
- Increases the bond requirement threshold for public works contracts from $25,000 to $50,000 in estimated cost
- Requires public owners to pay professional engineers, architects, landscape architects, and land surveyors within 30 days of invoice receipt, with 1.5 percent monthly interest for late payments
Legislative Description
Modifies the Missouri Public Prompt Payment Act and the law relating to public works projects
Last Action
Signed by Governor
6/20/2014
Committee Referrals
Fiscal Review4/24/2014
Workforce Development And Workplace Safety3/26/2014
Commerce, Consumer Protection, Energy And The Environment1/9/2014
Full Bill Text
No bill text available