summary
Introduced
02/02/2024
02/02/2024
In Committee
02/02/2024
02/02/2024
Crossed Over
Passed
Dead
04/08/2024
04/08/2024
Introduced Session
2024 Regular Session
Bill Summary
Requiring that undisputed retention proceeds retained by a unit or a certain contractor under a State procurement contract be paid within 90 days after the date of substantial completion.
AI Summary
This bill requires that undisputed retention proceeds retained by a unit or a contractor under a State procurement contract be paid within 90 days after the date of substantial completion, as defined by the applicable contract or subcontract. The bill also provides that if retainage has been placed in an escrow account, each payment of retainage shall include a pro rata portion of interest earned.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Senate Budget and Taxation Hearing (13:00:00 2/21/2024 ) (on 02/21/2024)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0921?ys=2024RS |
| BillText | https://mgaleg.maryland.gov/2024RS/bills/sb/sb0921f.pdf |
Loading...