House Sponsors: O'CONNOR. Short description: BLDG & CONSTRUCTN CONTRACT-NEW Synopsis of Bill as introduced: Creates the Building and Construction Contract Act. Provides that unless a building and construction contract provides otherwise, the owner must make monthly progress payments. Provides that the owner may reserve a retainage from any progress payment. Effective immediately. HOUSE AMENDMENT NO. 1. Provides that the term "building and construction contract" does not include any contract otherwise included in the definition of the term to the extent that the contract involves the expenditure of public moneys, whether State or local. Provides that a building and construction contract must require the prime contractor and all subcontractors to pay each subcontractor or material supplier within 15 business days after the prime contractor or subcontractor receives payment from the owner for undisputed amounts for service provided by a subcontractor or materials provided by a supplier. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status