An Act relating to retainage on public and private construction contracts.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes the rules around retainage – money held back from contractors during construction projects – both for public and private works in Alaska. It requires contractors and subcontractors to pay each other for completed work within a specific timeframe, including interest on unpaid amounts. The bill also clarifies how retainage payments should be handled, establishes penalties for delays in payments, and sets limits on the amount of retainage that can be withheld, particularly for private construction projects. Finally, it updates notification requirements and clarifies the process for paying retainage.
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Sponsors
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1 on record
Primary sponsor
House Labor & Commerce
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