OH HB568

Caps retainage at 5% of expected contract value for private construction projects exceeding $1 million, applying to contracts and subcontracts entered after the law's effective date

Applies to private projects only, explicitly excluding work performed for public authorities

Covers all levels of the construction chain including contractors, subcontractors, material suppliers, and lower tier subcontractors/suppliers

Preserves the right to withhold retainage when there is a good faith claim directly related to the work performed or materials furnished

Enacts new section 4113.63 of the Ohio Revised Code, superseding contrary provisions in existing section 4113.61