An Act To Limit the Amount That May Be Retained on Construction Contracts
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §1116, sub-§5 is enacted to read:
5. Limit. Retainage may not exceed 5% of the contract price.
summary
This bill limits the amount of money that may be retained under a construction contract, pending the completion of contractor or subcontractor performance, to 5% of the contract price.