S.1782 - Construction Business Contract Payment Procedures Act97th Congress (1981-1982)
|Sponsor:||Sen. Weicker, Lowell P., Jr. [R-CT] (Introduced 10/28/1981)|
|Committees:||Senate - Governmental Affairs | House - Government Operations|
|Latest Action:||House - 12/08/1982 Referred to Subcommittee on Government Activities and Transportation. (All Actions)|
This bill has the status Passed Senate
Here are the steps for Status of Legislation:
- Passed Senate
Summary: S.1782 — 97th Congress (1981-1982)All Information (Except Text)
(Measure passed Senate, amended)
Passed Senate amended (10/01/1982)
Construction Business Contract Payment Procedures Act - Amends the Federal Property and Administrative Services Act of 1949 to provide that whenever an executive agency makes progress payments under a construction contract, such progress payments shall be made in full (without retention of any of the amount of the payment due) unless the contractor is not making satisfactory progress toward completion of the contract. Authorizes the contracting officer to retain up to ten percent of the progress payments due, in order to protect the Government's interest, if the contractor is not making satisfactory progress on the contract. Requires that amounts retained be returned to the contractor whenever the contracting officer is satisfied with the contractor's progress and upon the agency's final acceptance of the work under the construction contract.
Urges the elimination of retainage in construction subcontracts in cases where the subcontractor is performing on time and in a satisfactory manner.