Synopsis
This Amendment does all of the following: 1. It reduces from 10% to 5%, the maximum amount of the payments due to the contractor under the contract that can be retained by the Department in order for a contractor who does not meet or exceed the minimum contractor's performance rating to be allowed to bid. 2. It permits the Secretary to establish the percentage of the payments to be retained under the contract, not to exceed 5%. 3. It permits the contractor to request that the retainage be reduced to 2% when the project is at 50% completion. 4. It provides that the project completion percentage is based on the actual work completed. 5. It requires that the members of the public appointed to the stakeholder panel have experience in public works contracting.