Construction Contract Payment Procedures Act of 1983

Summary

Construction Contract Payment Procedures Act of 1983 - Amends the Federal Property and Administrative Services Act of 1949 to require any executive agency that elects to make progress payments under a construction contract to: (1) make such payments monthly or more frequently as stipulated in the contract; (2) not retain any portion of a payment unless the contractor is not making satisfactory progress, in which case the contracting officer may retain up to ten percent of each payment to protect the Government's interest; (3) release amounts retained upon finding that the contractor is making satisfactory progress; and (4) promptly pay the contractor any amounts still retained upon final acceptance of the work. Urges all contractors and subcontractors to make full, prompt progress payments to their subcontractors and material suppliers without retaining any portion of such payments except for unsatisfactory progress.

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1 official file

• Introduced in Senate

  summary · EN · 28 April 1983

  Open at official source

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