Articles Tagged with House Bill 1033

Close-up-construction-contract-with-pen-and-architectural-roll-528238925_725x483-300x200House Bill 1033, introduced and pending in the 2025 Session of the Indiana General Assembly, proposes establishing a uniform maximum amount of retainage for private construction projects and certain state and local public works projects.  

Background 

Most construction contracts provide for periodic payments from the owner of the project to the prime or general contractor as the work progresses. For time-and-material (or “T&M”) projects, the general contractor submits invoices for the labor and materials expended since the last periodic payment. For fixed-price projects, the contractor typically invoices for a prorated portion of the fixed price based on the percentage of the work that has been completed.  Either way, most construction contracts permit the owner of the project to withhold a certain percentage of the invoiced amount, called retainage or retention, until all the work is completed. 

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