Amendment AA1-AB417

LRBa2286/1

JTK&MES:kmg:pg

2003 - 2004 LEGISLATURE

ASSEMBLY AMENDMENT 1, TO 2003 ASSEMBLY BILL 417

February 24, 2004 - Offered by Representative Olsen.

AB417-AA1,1,1 At the locations indicated, amend the bill as follows:

AB417-AA1,1,2 1. Page 2, line 7: delete "50% 100%" and substitute "50%".

AB417-AA1,1,4 2. Page 2, line 7: delete the material beginning with "At" and ending with "completed." on line 13 and substitute:

AB417-AA1,1,10 "At 50% completion, no additional amounts shall be retained, and partial payments shall be made in full to the contractor unless the architect or engineer certifies that the job is not proceeding satisfactorily. At 50% completion or any time thereafter when the progress of the work is not satisfactory, additional amounts may be retained but in no event shall the total retainage be more than 10% of the value of the work completed.".

AB417-AA1,1,11 3. Page 3, line 3: delete " 50% 100%" and substitute "50%".

AB417-AA1,1,13 4. Page 3, line 3: delete the material beginning with "At" and ending with "completed." on line 9 and substitute:

AB417-AA1,2,7 "At 50% completion, further partial payments shall be made in full to the contractor and no additional amounts may be retained unless the architect or engineer certifies that the job is not proceeding satisfactorily, but amounts previously retained shall not be paid to the contractor. At 50% completion or any time after 50% completion when the progress of the work is not satisfactory, additional amounts may be retained but the total retainage may not be more than 10% of the value of the work completed.".

AB417-AA1,2,8 (End)