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Amend the bill in section 1 in subsection 5 in the first line (page 1, line 3 in L.D.) by inserting after the following: "price." the following: 'This subsection does not apply to any contract entered into by a governmental entity, as defined in Title 14, section 8102, subsection 2.'
Amend the bill by inserting after section 1 the following:
‘Sec. 2. Application. This Act applies to a contract entered into on or after the effective date of this Act.’
 
SUMMARY
This amendment is the majority report of the committee. It provides that the limit in the bill for the amount that may be retained under a construction contract applies only to private contracts and not to contracts entered into by governmental entities. It also specifies that the provision applies to contracts entered into on or after the effective date of the legislation.