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 and private project owners from holding back payments for materials that have been delivered, accepted, and meet warranty or industry standards. It limits payment retention to no more than 5% (up to 10% under specific conditions) of progress payments, while requiring full payment for qualifying materials. Contractors must pay subcontractors and material suppliers within seven days of receiving funds from the project owner, with interest accruing for late payments. The law directly affects contractors, subcontractors, and suppliers in construction projects by ensuring timely payment for accepted materials and work.