815 ILCS 603

815 ILCS 603 - Illinois General Assembly

A construction contract may provide for the withholding of retainage of up to 10% of any payment made prior to the completion of 50% of the contract. When a ...

815 ILCS 603/20 - Illinois General Assembly

A construction contract may provide for the withholding of retainage of up to 10% of any payment made prior to the completion of 50% of the contract. When a ...

Act 603 - CONTRACTOR PROMPT PAYMENT ACT - Casetext

Section 815 ILCS 603/5 - Definitions · Section 815 ILCS 603/10 - Construction Contracts · Section 815 ILCS 603/15 - Interest; Suspension of Performance ...

New Law in Illinois Regarding the Limitation on the Amount of ...

This new section of the Contractors Prompt Payment Act 815 ILCS 603/20 limiting retainage in construction contracts to 10% and reducing retainage to 5% when the ...

Illinois Expands Protections Under the Contractor Prompt Payment ...

The Illinois Contractor Prompt Payment Act, 815 ILCS 603/1, et seq. (the “Act”) was first enacted in 2007 and designed to safeguard ...

Construction Contracts, 815 ILCS 603/10 - Casetext

(1) If a contractor has performed in accordance with the provisions of a construction contract and the payment application has been approved by the owner or the ...

Illinois Prompt Payment Guide & FAQs - Levelset

Private Projects. Payment on private construction projects in Illinois is regulated by §815 ILCS 603/1 et seq. These regulations apply to all private projects ...

Illinois' New Retainage Law | Saul Ewing LLP - JDSupra

It is an amendment to a law known as the Contractors Prompt Payment Act, 815 ILCS 603/1 ("CPPA"), which governs the timing of payments to ...

Illinois Restricts Retainage on Private Construction Projects - Ogletree

... Illinois will be affected by a new law, effective immediately. The Contractor Prompt Payment Act (815 ILCS 603/1, et seq.) was amended to ...

Legislative and Executive Developments | The Construction Seyt

The Illinois Contractor Prompt Payment Act, 815 ILCS 603/1, et seq. (the “Act”) was first enacted in 2007 and designed to safeguard contractors and ...

Illinois Among the Majority of States in Adopting Pro-Contractor ...

On August 20, 2019, Governor J.B. Pritzker signed SB 1636 into law amending the Illinois Contractor Prompt Payment Act, 815 ILCS 603/1, et seq. (“The Act”).

4-08 KFTR Client Alert Letter - Contractor Prompt Payment Act

The Act (815 ILCS 603/1 et seq.) ap- plies to all contracts entered into after. August 31, 2007 for the design, con- struction, alteration, improvement, or.

Illinois Retainage Guide and FAQs - Levelset

Illinois' specific laws can be found in 815 ILCS 603/20 for private projects, and 605 ILCS 5/4-103 & 4-104 for state highway construction projects. Updated ...

Illinois gets into the act - enacts Contractor Prompt Payment Act for ...

815 ILCS 603/10(1). If the owner does not intend to approve an application for payment, it must provide a written statement of the amount ...

Illinois Passes Contractor Prompt Payment Act Into Law

... Illinois Contractor Prompt Payment Act, 815 ILCS 603 (the “Act”). This amendment impacts all contracts not in effect as of August 19, 2019, and all ongoing ...

Illinois Sets Limits on Retainage Withheld on Private Construction ...

Public Act 101-0432 formally amends the Contractor Prompt Payment Act (815 ILCS 603 et seq.) and applies to all private contracts for the design, construction, ...

2023 Illinois Compiled Statutes :: Chapter 815 - BUSINESS ...

815 ILCS 5/ - Illinois Securities Law of 1953. 815 ILCS 10/ - Uniform TOD ... 815 ILCS 603/ - Contractor Prompt Payment Act. 815 ILCS 604/ - Consumer ...

Prompt Payment for Commercial Construction - Kegler Brown

Per § 67-2302(7), the interest rate is to be calculated as set forth in § 63-3045. Illinois. Private. Title 815 ILCS. 603/1-603/99. 40 days after invoice. (25 ...

Illinois Statutes Chapter 815. Business Transactions § 603/15

Illinois Chapter 815. Business Transactions Section 603/15. Read the code on FindLaw.

Construction Law Monograph - HeplerBroom LLC

44 815 ILCS 603/15(b) (West 2018). 45 Id. 46 2007 Illinois House Bill No. 743, Illinois Ninety-Fifth General Assembly - First Regular Session. 47 ...