Prohibits the retention of any amount of payment due and owing for materials delivered and accepted for a public or private construction project

This bill requires public and private construction owners to immediately pay for materials that have been delivered, accepted, and meet quality standards, rather than withholding those funds. It limits the percentage of progress payments that owners or contractors can hold back to a maximum of five percent, or ten percent only if specific bonding requirements are not met. Additionally, the law mandates that contractors must pay subcontractors within seven days of receiving payment from the owner, with interest accruing on any late payments. These changes aim to ensure that suppliers and laborers receive timely compensation for work and goods provided on construction projects.