Limit retainage in certain private construction projects

HB 568 would limit the amount that can be withheld from payments to contractors until a private construction project is completed. The bill, which would create section 4113.63 in Ohio's Revised Code, sets a maximum cap on the holdback amount project owners may retain. This directly affects private construction contractors and project owners by reducing the financial burden on contractors who often face delayed payments. The policy change aims to improve cash flow for contractors by ensuring they receive a larger portion of payments during project execution.