Massachusetts H362 amends residential contracting agreements to regulate partial payments and final payment timing.

Massachusetts H362 amends the General Laws to modify residential contracting agreements. It mandates a time schedule for project completion and prohibits demanding final payment until the contract is completed to the satisfaction of both parties. This provision does not apply to contractors providing a performance and payment bond, lien or completion bond, or a bond equivalent approved by the director of consumer affairs and business regulation, covering a minimum of two million dollars.

Massachusetts H362 amends residential contracting agreements to regulate partial payments and final payment timing.

Massachusetts H362 amends the General Laws to modify residential contracting agreements. It mandates a time schedule for project completion and prohibits demanding final payment until the contract is completed to the satisfaction of both parties. This provision does not apply to contractors providing a performance and payment bond, lien or completion bond, or a bond equivalent approved by the director of consumer affairs and business regulation, covering a minimum of two million dollars.