Illinois HB1224 establishes the State Agency Retainage Act, allowing state agencies to withhold a percentage of payments from contractors if.
HB1224 creates the State Agency Retainage Act, which permits state agencies to retain a portion of payments from contractors or subcontractors if satisfactory progress is not made. The retainage amount cannot exceed 10% of the total draw amounts until the contract is 50% completed and may be adjusted based on performance and other factors. Upon contract completion, retained amounts must be promptly paid. The Act also amends the State Prompt Payment Act to exclude retainage withheld under this Act.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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