MASSACHUSETTS–SB2271–FAIR RETAINAGE PAYMENTS IN PRIVATE CONSTRUCTION

New legislation was signed on 8-8-14, affecting private construction contracts with a general contract of at least $3,000,000, and for which a lien may be established. In summary, retainage may not exceed 5% of each progress payment, and all retainage must be paid within 30 days from the application for payment of retainage (plus an additional 7 days for each tier below the prime contractor). See SB2271 for details/exceptions. Click here for legislation.

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