A bill to amend section 305 of the Federal Property and Administrative Services Act of 1949 pertaining to contract progress payments made by agencies of the Federal Government, providing for the elimination of retainage in certain instances, and for other purposes.
Construction Business Contract Payment Procedures Act - Amends the Federal Property and Administrative Services Act of 1949 to provide that whenever an executive agency makes progress payments under a construction contract, such progress payments shall be made in full (without retention of any of the amount of the payment due) unless the contractor is not making satisfactory progress toward completion of the contract. Authorizes the contracting officer to retain up to ten percent of the progress payments due, in order to protect the Government's interest, if the contractor is not making satisfactory progress on the contract. Requires that amounts retained be returned to the contractor whenever the contracting officer is satisfied with the contractor's progress and upon the agency's final acceptance of the work under the construction contract.
Urges the elimination of retainage in construction subcontracts in cases where the subcontractor is performing on time and in a satisfactory manner.
Subcommittee Consideration and Mark-up Session Held.
Introduced in Senate
Read second time and referred to Senate Committee on Governmental Affairs.
Referred to Subcommittee on Federal Expenditures.
Committee on Governmental Affairs received executive comment from GAO.
Committee on Governmental Affairs received executive comment from OMB.
Subcommittee on Federal Expenditures. Hearings held.
Committee on Governmental Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Governmental Affairs. Reported to Senate by Senator Roth with an amendment in the nature of a substitute. Without written report.
Committee on Governmental Affairs. Reported to Senate by Senator Roth with an amendment in the nature of a substitute. Without written report.
Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 932.
Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 932.
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Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.
Passed Senate with an amendment by Voice Vote.
Referred to House Committee on Government Operations.
Executive Comment Requested from OMB, GSA, SBA.
Referred to Subcommittee on Government Activities and Transportation.