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Session Laws, 2000
Volume 797, Page 3252   View pdf image
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Ch. 621
2000 LAWS OF MARYLAND
CHAPTER 621
(House Bill 600) AN ACT concerning Procurement - Construction Contracts - Progress Payments Prompt Payment FOR the purpose of requiring that a construction contract requiring a primary
procurement unit to make progress payments meet certain requirements;
requiring that certain progress payments be made at least every month; limiting
the percentage of certain progress payments that may be retained by a primary
procurement unit under certain circumstances; requiring that certain money
retained by a primary procurement unit be held in a certain account; requiring
a primary procurement unit to pay certain money within a certain time period
after final acceptance of work required under a construction contract together
with interest accrued on the money; requiring a contractor, upon receipt of
certain money retained by a primary procurement unit, to pay certain money to
a subcontractor together with interest accrued on the money; limiting the
percentage of certain payments due to a subcontractor that may be retained by
a contractor; limiting the percentage of certain payments due to a subcontractor
that may be retained by another subcontractor limiting the retainage that may
be specified in a State procurement contract for construction under certain
circumstances; authorizing a primary procurement unit to withhold payments
from a contractor in addition to retainage for certain purposes; restricting the
amount that a contractor may withhold from a subcontractor; restricting the
amount that a subcontractor may withhold from a lower tier subcontractor;
providing that certain restrictions may not be construed to restrict the
withholding of certain amounts in addition to retainage based on certain
determinations; modifying provisions relating to the prompt payment of
subcontractors and the resolution of certain payment disputes; requiring that a
State procurement contract for construction include a certain provision relating
to prompt payment of subcontractors at any tier; expanding the availability of
certain escrow provisions relating to retainage in connection with State
construction contracts; requiring that interest on escrowed money be handled in
a specified manner; restricting the availability of the escrow provisions on
contracts funded with tax exempt financing; defining certain terms; providing
for the application and construction of this Act; and generally relating to State
procurement and progress payments contracts for construction and prompt
payment and retainage issues. BY adding to Article - State Finance and Procurement Section 13-225 Annotated Code of Maryland (1995 Replacement Volume and 1999 Supplement)
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Session Laws, 2000
Volume 797, Page 3252   View pdf image
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