92nd General Assembly
Summary of HB2464
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House Sponsors:
O'CONNOR.

Short description: 
BLDG & CONSTRUCTN CONTRACT-NEW                                             

Synopsis of Bill as introduced:
        Creates the Building and  Construction  Contract  Act.   Provides      
   that  unless  a building and construction contract provides otherwise,      
   the owner must  make monthly progress  payments.   Provides  that  the      
   owner  may  reserve  a retainage from any progress payment.  Effective      
   immediately.                                                                
        HOUSE AMENDMENT NO. 1.                                                 
        Provides that the term "building and construction contract"  does      
   not  include  any contract otherwise included in the definition of the      
   term to the extent that  the  contract  involves  the  expenditure  of      
   public  moneys,  whether  State or local. Provides that a building and      
   construction contract  must  require  the  prime  contractor  and  all      
   subcontractors  to  pay each subcontractor or material supplier within      
   15 business days after the prime contractor or subcontractor  receives      
   payment  from the owner for undisputed amounts for service provided by      
   a subcontractor or materials provided by a supplier.                        
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status