SB 1587: RELATING TO RETAINAGE.
- Session Year: 2025-2026
- House: Senate
- Latest Version Date: 2025-02-13
Current Status:
In Progress
(2025-12-08: Carried over to 2026 Regular Session.)
Introduced
In Committee
First Chamber
In Committee
Second Chamber
Final Decking
Enacted
Version:
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)