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OK HB2598
Bill
Status
2/22/2016
Primary Sponsor
Ron Sharp
Click for details
AI Summary
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Amends the Fair Pay for Construction Act to allow subcontractors to request release of retainage 60 days after completing their scope of work by submitting a request to both the prime contractor and owner
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Requires owners to either release the subcontractor's retainage or provide written specific reasons for refusal within 30 days of receiving the request
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Retainage for both construction contracts and subcontracts remains capped at 5% of the payment due
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Retainage must be released to prime contractors within 21 calendar days after certificate of substantial completion is issued, minus up to 150% of estimated costs to correct defective or incomplete work
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Effective date: November 1, 2016
Legislative Description
Public buildings and public works; authorizing subcontractor to submit a request for release of retainage; effective date.
Last Action
Second Reading referred to General Government
3/10/2016