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Relating to retainage requirements for certain public works construction projects.
No significant fiscal implication to the State is anticipated.
HB 692 would require a government entity to include in each public works contract a provision that establishes the circumstances under which the public works project is considered substantially complete and the governmental entity may release all or a portion of the retainage for substantially or fully completed portions of the project.
The bill would also place various restrictions on retainage for public works contracts above different dollar amounts.
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