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1997 SESSION

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HB 755 Public Procurement Act; retainage on construction projects.

Introduced by: Clifton A. Woodrum | all patrons    ...    notes | add to my profiles

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.


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