Minnesota SF1714 mandates transparency in public contract payments and retainage.

Minnesota SF1714 amends state statutes to require public contracting agencies to notify contractors and subcontractors of every tier about any progress payment, retainage payment, final payment, or other payment made. The notification must include the amount of the payment, the date it was made, the name and address of the party receiving the payment, and details about the scope of work or project completion. The bill also mandates that contractors pay all remaining retainage to subcontractors within ten days of receiving payment, unless there is a dispute about the work under a subcontract.

Minnesota SF1714 mandates transparency in public contract payments and retainage.

Minnesota SF1714 amends state statutes to require public contracting agencies to notify contractors and subcontractors of every tier about any progress payment, retainage payment, final payment, or other payment made. The notification must include the amount of the payment, the date it was made, the name and address of the party receiving the payment, and details about the scope of work or project completion. The bill also mandates that contractors pay all remaining retainage to subcontractors within ten days of receiving payment, unless there is a dispute about the work under a subcontract.