No construction contract may provide for any retainage in an amount that exceeds five per cent of the estimated amount of a progress payment for the life of the construction project. All retainage shall be paid by the owner not later than thirty days after the issuance of a certificate of final completion by the owner or the owner's authorized representative or not later than thirty days after the equivalent written acceptance of the construction project work by the owner.
(P.A. 99-153, S. 3; P.A. 03-167, S. 8; P.A. 10-148, S. 1; P.A. 17-182, S. 2.)
History: P.A. 03-167 deleted provision re section not to be construed to require construction contract to contain retainage provision, effective January 1, 2004; P.A. 10-148 changed retainage limitation from 7.5% to 5%; P.A. 17-182 added provision re owner's payment of retainage, effective July 1, 2017.