Increases amount of partial payment withheld by contracting unit for certain contracts entered into from two percent to 10 percent.

This bill (S 1489) increases the percentage of partial payments withheld by New Jersey government agencies from 2% to 10% for certain construction and repair contracts over $100,000. It directly affects contractors working on public infrastructure projects who agree to have payments withheld until project completion. The key change requires agencies to withhold 10% of each partial payment instead of 2%, with all withheld funds released within 45 days after final acceptance. The bill also updates maintenance bond requirements to remain at 100% of project costs for up to two years. This amendment applies to contracts entered into after the bill's effective date.