SB1587

Hawaii SB1587 amends retainage provisions for public contracts, limiting withholding to 1% of the total project budget.

Hawaii SB1587 modifies retainage rules for public contracts, ensuring that procurement officers can withhold up to 1% of the total project budget to ensure satisfactory progress. If progress is satisfactory after 50% of the contract is completed, no additional sum can be withheld. The withheld amount must be paid within a specified period after the contract is fully completed and satisfactory. The bill also repeals previous statutory material and introduces new provisions to clarify the retainage process.