Illinois SB0074 regulates retainage on government contracts, limiting it to 10% until 50% completion and 5% thereafter.
Illinois SB0074, known as the State Agency Retainage Act, governs the withholding of retainage on government contracts. It limits the retainage to 10% until the contract is 50% completed, then reduces it to 5% for the remainder of the contract. The retainage can be adjusted based on performance and other factors. The bill also mandates that proper bills or invoices include details of subcontractors and amounts due. It does not apply to retainage withheld under the State Agency Retainage Act.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.