Ohio HB568 limits retainage to 5% for private construction projects valued over $1 million.

Ohio HB568 amends the Revised Code to restrict retainage in private construction projects valued over $1 million. Retainage refers to the withholding of a portion of the payment until the project is completed. This bill caps retainage at 5% of the contract value, effective for contracts entered into after the bill's effective date. It does not apply to public projects or when there is a good faith claim related to the work or materials.

Ohio HB568 limits retainage to 5% for private construction projects valued over $1 million.

Ohio HB568 amends the Revised Code to restrict retainage in private construction projects valued over $1 million. Retainage refers to the withholding of a portion of the payment until the project is completed. This bill caps retainage at 5% of the contract value, effective for contracts entered into after the bill's effective date. It does not apply to public projects or when there is a good faith claim related to the work or materials.