Sec. 42-158k. Retainage limitation.

Update on Monday, July 3, 2017

No construction contract may provide for any retainage in an amount that exceeds five per cent of the estimated amount of a progress payment for the life of the construction project.

(P.A. 99-153, S. 3; P.A. 03-167, S. 8; P.A. 10-148, S. 1.)

History: P.A. 03-167 deleted provision re section not to be construed to require construction contract to contain retainage provision, effective January 1, 2004; P.A. 10-148 changed retainage limitation from 7.5% to 5%.

                    
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