Monday, September 15, 2014 – 2:00 – 4:00 PM Reception immediately following
Westin Hotel, Waltham
On August 8, Governor Deval Patrick signed Chapter 276 of the Acts of 2014, “An Act Relative to Fair Retainage Payments in Private Construction.” It was four years coming, and a great day for the Massachusetts construction industry!
Join us to learn everything you need to know about the new law, which takes effect November 6.
Atty. Carolyn Francisco, a partner at Corwin & Corwin LLP, who is a primary author of the law, will review the key provisions and show how the new law builds naturally on the 2010 Prompt Pay Law to speed up payment of retainage and improve cash flow for contractors and subcontractors on private construction projects.
She will have answers to questions such as:
- When does the 5% retainage limit apply – and when not?
- What are the steps and timelines for closing out a project, starting with substantial completion?
- What are the owner’s and prime contractor’s responsibilities during that process? What about subcontractors and sub-subs?
- When can you start invoicing for retainage?
- How much can be withheld from retainage – and for what?
- What happens in the case of claims, rejections and disputes?
Through this seminar, you will gain a thorough understanding of your rights and responsibilities under the new law – and insight into how the law creates new industry standards that will benefit all parties, including project owners.