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A97, R117, S365
STATUS INFORMATION
General Bill
Sponsors: Senators Leatherman and Knotts
Document Path: l:\council\bills\bbm\10560mm05.doc
Introduced in the Senate on January 27, 2005
Introduced in the House on March 2, 2005
Passed by the General Assembly on May 25, 2005
Governor's Action: June 1, 2005, Signed
Summary: Consolidated Procurement Code
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/27/2005 Senate Introduced and read first time SJ-7 1/27/2005 Senate Referred to Committee on Finance SJ-7 2/23/2005 Senate Committee report: Favorable Finance SJ-20 2/24/2005 Senate Read second time SJ-13 3/1/2005 Senate Read third time and sent to House SJ-10 3/2/2005 House Introduced and read first time HJ-7 3/2/2005 House Referred to Committee on Labor, Commerce and Industry HJ-7 5/18/2005 House Committee report: Favorable Labor, Commerce and Industry HJ-52 5/24/2005 House Requests for debate-Rep(s). MA Pitts HJ-23 5/24/2005 House Read second time HJ-23 5/25/2005 House Read third time and enrolled HJ-26 5/26/2005 Ratified R 117 6/1/2005 Signed By Governor 6/3/2005 Copies available 6/3/2005 Effective date 06/01/05 6/7/2005 Act No. 97
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VERSIONS OF THIS BILL
(A97, R117, S365)
AN ACT TO AMEND SECTION 11-35-3030, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO BOND AND SECURITY FOR CONSTRUCTION CONTRACT PERFORMANCE AND PAYMENT PURSUANT TO THE STATE CONSOLIDATED PROCUREMENT CODE, SO AS TO REDUCE THE MAXIMUM RETENTION AMOUNT FOR EACH INSTALLMENT PENDING COMPLETION OF THE PROJECT FROM FIVE PERCENT TO THREE AND ONE-HALF PERCENT.
Be it enacted by the General Assembly of the State of South Carolina:
Retention amount
SECTION 1. Section 11-35-3030(4)(a) of the 1976 Code, as last amended by Act 153 of 1997, is further amended to read:
"(4) Retention. (a) Maximum amount to be withheld. In any contract or subcontract for construction which contract or subcontract provides for progress payments in installments based upon an estimated percentage of completion, with a percentage of the contract's proceeds to be retained by the State or general contractor pending completion of the contract or subcontract, the retained amount of each progress payment or installment must be no more than three and one-half percent."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 26th day of May, 2005.
Approved the 1st day of June, 2005.
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