Prohibits the retention of any amount of payment due and owing for materials delivered and accepted for a public or private construction project

This bill prohibits public owners and contractors from withholding payments for materials delivered and accepted in construction projects. It limits retention to no more than 5% (or 10% under specific conditions) of payments for materials that meet warranty or industry standards, eliminating the ability to withhold funds for such materials. The law directly affects contractors, subcontractors, and material suppliers by requiring timely payment for accepted materials and imposing strict 7-day payment deadlines after public owner payments. Key provisions include banning retention for warranty-covered materials, mandating interest for late payments to subcontractors, and invalidating clauses that delay subcontractor payments pending public owner payments.