Massachusetts H288 amends residential contracting agreements to regulate partial payments and deposits.

Massachusetts H288 amends the General Laws to regulate partial payments and deposits in residential contracting agreements. It mandates a time schedule for payments and restricts the amount of any advance deposit to the greater of one-third of the total contract price or the actual cost of special order materials or equipment. The bill also prohibits demanding final payment until the contract is completed to the parties' satisfaction, except for contractors with a performance and payment bond or equivalent bond of at least two million dollars.

Massachusetts H288 amends residential contracting agreements to regulate partial payments and deposits.

Massachusetts H288 amends the General Laws to regulate partial payments and deposits in residential contracting agreements. It mandates a time schedule for payments and restricts the amount of any advance deposit to the greater of one-third of the total contract price or the actual cost of special order materials or equipment. The bill also prohibits demanding final payment until the contract is completed to the parties' satisfaction, except for contractors with a performance and payment bond or equivalent bond of at least two million dollars.