HB 755 Public Procurement Act; retainage on construction projects.
Clifton A. Woodrum | all patrons    ...    notes
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Summary:
Public Procurement Act; retainage on construction projects. Requires in any public contract for construction, the public body to pay interest on the amount retained to ensure faithful performance of the contract. The bill specifies the rate of interest as equal to the Federal Discount Rate as of January 1 of each year, beginning on January 1, 1997. The bill provides that such interest is required on contracts entered into on or after July 1, 1996. The bill exempts VDOT provided it offers a contractor an escrow accounts option.

Full text:
01/22/96  House: Presented & ordered printed 964307492  pdf

Status:
01/22/96  House: Presented & ordered printed 964307492
01/22/96  House: Referred to Committee for Courts of Justice
01/26/96  House: Reported from Courts of Justice (22-Y 0-N)
01/26/96  House: Referred to Committee on General Laws
02/05/96  House: Assigned to General Laws sub-committee: 2
02/07/96  House: Continued to 1997 in General Laws w/sub. (22-Y 0-N)