LD 110
pg. 3
Page 2 of 3 An Act to Clarify Rights of Retainage in Public Construction Contracts LD 110 Title Page
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LR 844
Item 1
 
10.__Daily financial incentive.__The Director of the Bureau of
General Services may approve contracts with a provision for a
daily financial incentive for projects completed before the
scheduled date when it can be demonstrated that the early
completion will result in a financial savings to the public
owner.__The financial incentive may not exceed the projected
daily rate of savings to the owner.

 
Sec. 2. Application. This Act applies to public construction
contracts in which substantial completion is reached after
September 31, 2003.

 
SUMMARY

 
This bill amends the law governing public construction
contracts, providing definitions of the terms "designer,"
"punch list" and "substantial completion." The bill also
clarifies rights of retainage in public construction
contracts; the designer's role in resolving questions
pertaining to the time when retained funds are due; and the
contractor's remedy when an owner retains funds for more than
30 days after final completion of the contract.

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