The bill defines "building and construction contract" as any contract subject to statutory provisions regarding mechanics' liens. Any provision in a building and construction contract that is performed in Colorado making the contract subject to the laws of another state or requiring dispute resolution in another state is void. Any provision requiring a contractor, subcontractor, or material supplier to waive a right to a mechanics' lien is void.
Contractors and subcontractors must pay subcontractors and material suppliers within 7 days after completion of the work under a building and construction contract. The owner of the property for which the work is performed must make monthly progress payments to the contractor unless the building and construction contract provides otherwise.
Amendments out of Committee
None
Bill News
None
House Committee
Senate Committee
Business, Labor and Technology
Status
Senate Committee on Business, Labor and Technology Postpone Indefinitely (05/02/2012)
