|
|
Article: Hawaii Revises Retainage and Prompt Pay Laws.(Brief Article)
- Article from:
- Business Credit
- Article date:
- January 1, 2001
CopyrightCOPYRIGHT 2001 National Association of Credit Management. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
On July 1, subcontractors in Hawaii began benefiting from changes in the state's retainage and prompt pay laws.
As of that date, contractors cannot retain from subcontractors an amount exceeding 5 percent of the amount due to the contractor on state-funded projects. Gov. Ben Cayetano (D) signed the bill revising the state's retainage requirements (SB 2987) on June 14.
On June 5, the Governor signed SB 2988, which also took effect July 1. The law requires prompt pay of ...