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An Act To Limit the Amount That May Be Retained on Construction Contracts
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  10 MRSA §1116, sub-§5  is enacted to read:
 
5.  Limit.     Retainage may not exceed 5% of the contract price.
 
SUMMARY
This bill limits the amount of money that may be retained under a construction contract, pending the completion of contractor or subcontractor performance, to 5% of the contract price.