16-1804. Retainage; failure to pay. - Kansas Statutes

16-1804

Chapter 16.--CONTRACTS AND PROMISES Article 18.--KANSAS FAIRNESS IN PRIVATE CONSTRUCTION CONTRACT ACT

      16-1804.   Retainage; failure to pay. (a) An owner, contractor or subcontractor may withhold no more than 10% retainage from the amount of any undisputed payment due.

      (b)   If an owner, contractor or subcontractor fails to pay retainage, if any, pursuant to the terms of a contract for private construction or as required by this act, the owner, contractor or subcontractor shall pay interest to the contractor or subcontractor to whom payment was due, beginning on the first business day after the payment was due, at a rate of 18% per annum.

      History:   L. 2005, ch. 156, § 4; July 1.