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Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
May 18, 2005
S. 365
S. Printed 5/18/05--H.
Read the first time March 2, 2005.
To whom was referred a Bill (S. 365) to amend Section 11-35-3030, as amended, Code of Laws of South Carolina, 1976, relating to bond and security for construction contract performance and payment pursuant, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HARRY F. CATO for Committee.
TO AMEND SECTION 11-35-3030, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO BOND AND SECURITY FOR CONSTRUCTION CONTRACT PERFORMANCE AND PAYMENT PURSUANT TO THE STATE CONSOLIDATED PROCUREMENT CODE, SO AS TO REDUCE THE MAXIMUM RETENTION AMOUNT FOR EACH INSTALLMENT PENDING COMPLETION OF THE PROJECT FROM FIVE PERCENT TO THREE AND ONE-HALF PERCENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-35-3030(4)(a) of the 1976 Code, as last amended by Act 153 of 1997, is further amended to read:
"(4) Retention. (a) Maximum amount to be withheld. In any contract or subcontract for construction which contract or subcontract provides for progress payments in installments based upon an estimated percentage of completion, with a percentage of the contract's proceeds to be retained by the State or general contractor pending completion of the contract or subcontract, the retained amount of each progress payment or installment shall must be no more than five three and one-half percent."
SECTION 2. This act takes effect upon approval by the Governor.
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