Section 1. Notwithstanding the provisions of chapter 7, 30, 30B, or 149 or any other law, rule or regulation to the contrary, the total amount of retainage held on non-public construction projects shall not exceed 5% of the total amount of work performed.
Section 2. Within 45 days from the issuance of a certificate of completion or the issuance of an occupancy certificate, all amounts retained by an owner shall be paid to a General Contractor on a non-public construction project. Within 60 days from the issuance of a certificate of completion or the issuance of an occupancy certificate, all amounts retained by a General Contractor shall be paid to a subcontractor on a non-public construction project.
Section 3. In the event an owner or General Contractor holds more than 5% retainage for work performed, or a general contractor is not paid within 45 days after final completion or a subcontractor is not paid within 60 days of final completion on a non public construction project, the general contractor or subcontractor shall be entitled to avail itself of any and all remedies pursuant to chapter 93a.
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