Prompt Payment Ordinance: Difference between revisions
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E.sassaman (talk | contribs) Created page with "{{Infobox ALEC Bills |bill_title = Prompt Payment Ordinance |date_introduced = June 16, 2020 |date_reviewed = |date_finalized = August 9, 2020 |date_..." |
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<h1>Prompt Payment Ordinance</h1> | <h1>Prompt Payment Ordinance</h1> | ||
<p>AN ordinance concerning business. | <p>AN ordinance concerning business. | ||
Be it enacted by the [Insert Governing Body],represented in the [Insert Jurisdiction]: | Be it enacted by the [Insert Governing Body], represented in the [Insert Jurisdiction]: | ||
Section 1. The Contractor Prompt Payment Ordinance as follows: | Section 1. The Contractor Prompt Payment Ordinance as follows: | ||
A construction contract may provide for the withholding of retainage of up to 10% of any payment made prior to the completion of 50% of the contract. When a contract is 50% complete, retainage withheld shall be reduced so that no more than 5% is held. After the contract is 50% complete, no more than 5% of the amount of any subsequent payments made under the contract may be held as retainage.</p> | A construction contract may provide for the withholding of retainage of up to 10% of any payment made prior to the completion of 50% of the contract. When a contract is 50% complete, retainage withheld shall be reduced so that no more than 5% is held. After the contract is 50% complete, no more than 5% of the amount of any subsequent payments made under the contract may be held as retainage.</p> | ||
Latest revision as of 15:40, 19 April 2021
| Model Bill Info | |
|---|---|
| Bill Title | Prompt Payment Ordinance |
| Date Introduced | June 16, 2020 |
| Date Finalized | August 9, 2020 |
| Type | Model Ordinance |
| Status | Final |
| Task Forces | American City County Exchange |
Prompt Payment Ordinance
AN ordinance concerning business. Be it enacted by the [Insert Governing Body], represented in the [Insert Jurisdiction]: Section 1. The Contractor Prompt Payment Ordinance as follows: A construction contract may provide for the withholding of retainage of up to 10% of any payment made prior to the completion of 50% of the contract. When a contract is 50% complete, retainage withheld shall be reduced so that no more than 5% is held. After the contract is 50% complete, no more than 5% of the amount of any subsequent payments made under the contract may be held as retainage.