Allows procurement officers to withhold a retainage fee from the total budget from contractors to ensure satisfactory project completion. Requires the retainage fee to be paid to contractors within a certain number of days of project completion. Applies to public contracts executed on or after 1/1/2026. Effective 1/1/2491. (SD1)
- Chamber
- Senate
- Introduced
- Jan 23, 2025
- Last action
- Jan 23, 2025 — Introduced.
- Session
- 2026
- Momentum
- 54 · Moderate