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House limits construction retention to 5% in contractor-protection bill
Utah House of Representatives · February 25, 1999
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Summary
House Bill 382, limiting contract retention to 5% and requiring interest-bearing holding of retention funds for contractors, passed the House after proponents spoke about protecting subcontractors’ cash flow; the bill passed unanimously on the floor.
House Bill 382, presented on the third-reading calendar, would cap retention that owners can withhold on construction contracts at 5% and require that retained sums be held in an interest-bearing account for the contractor’s benefit.
Representative Cohen, the floor sponsor, said the change…
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