Sec. 2. Application. This Act applies to public construction contracts in which substantial completion is reached after September 31, 2003.

SUMMARY

This bill amends the law governing public construction contracts, providing definitions of the terms "designer," "punch list" and "substantial completion." The bill also clarifies rights of retainage in public construction contracts; the designer's role in resolving questions pertaining to the time when retained funds are due; and the contractor's remedy when an owner retains funds for more than 30 days after final completion of the contract.