Illinois Imposes Retainage Limits in Construction Contracts
Authors
The rules for drafting construction contracts changed overnight in Illinois. On August 20, 2019, Governor Pritzker signed Public Act 101–0432, amending the Contractor Prompt Payment Act to limit the amount of permissible retainage that can be held on construction projects. The new limitations apply to all privately funded projects in Illinois except for residential construction of 12 or fewer units in a single building.
Keep Up to Date in a Changing World
Do you want to receive more valuable insights directly in your inbox? Visit our subscription center and let us know what you’re interested in learning more about.
