MISSOURI—SB529—PUBLIC PROMPT PAY LAW

Modifies the Prompt Payment Act and the threshold for requiring a payment bond on public projects.

Effective August 28, 2014, the Missouri Prompt Payment Act has been modified:  the amount to be held as retainage has changed; the public owner must provide a written explanation if the owner determines a project is not substantially complete or if the owner does not release full payment due to specific areas of work or materials the owner is rejecting; the threshold for requiring a payment bond has been increased; and increases the amount the public owner may retain if the project is not bonded because the contract is not estimated to exceed $50,000.  Click here for legislation
 

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