Hello: I have a general contractor who waived the prompt payment act in the subcontract agreement. When the prompt payment act has been waived does that also include the SB1636 regarding reducing retention from 10% to 5% upon 50% completion? This is a private contract. Thank you,
The terms of the contract control. If all provisions of the Prompt Payment Act (815 ILCS 603/1 et. seq.) have been waived, that would include Section 20 (815 ILCS 603/20) to which you refer.