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Sen. John G. Mulroe
Filed: 4/13/2018
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| 1 | | AMENDMENT TO SENATE BILL 3052
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3052 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Contractor Prompt Payment Act is amended by |
| 5 | | adding Section 20 as follows:
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| 6 | | (815 ILCS 603/20 new) |
| 7 | | Sec. 20. Retainage. No construction contract may permit |
| 8 | | the withholding of retainage from any payment in excess of the |
| 9 | | amounts permitted in this Section. A construction contract may |
| 10 | | provide for the withholding of retainage of up to 10% of any |
| 11 | | payment made prior to the completion of 50% of the contract. |
| 12 | | When a contract is 50% complete, retainage withheld shall be |
| 13 | | reduced so that no more than 5% is held. After the contract is |
| 14 | | 50% complete, no more than 5% of the amount of any subsequent |
| 15 | | payments made under the contract may be held as retainage.
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