Minnesota HF1234 mandates transparency in public contract payments, requiring agencies to notify contractors and subcontractors of all payments made.

Minnesota HF1234 amends state statutes to require public contracting agencies to notify contractors and subcontractors of all payments made, including progress, retainage, and final payments. The notification must include the payment amount, the party it relates to, and reasons for withholding. Contractors must pay subcontractors within ten days of receiving retainage, unless there is a dispute. The bill also prohibits withholding retainage for warranty work and restricts the amount of retainage to five percent of the payment.

Minnesota HF1234 mandates transparency in public contract payments, requiring agencies to notify contractors and subcontractors of all payments made.

Minnesota HF1234 amends state statutes to require public contracting agencies to notify contractors and subcontractors of all payments made, including progress, retainage, and final payments. The notification must include the payment amount, the party it relates to, and reasons for withholding. Contractors must pay subcontractors within ten days of receiving retainage, unless there is a dispute. The bill also prohibits withholding retainage for warranty work and restricts the amount of retainage to five percent of the payment.