The document summarizes new Massachusetts legislation regarding construction project retainage. Key points of the legislation include: 1. It caps retainage at 5% of progress payments and establishes new timing requirements for substantial completion, punchlists, and release of retainage. 2. It requires owners to affirmatively accept or reject a contractor's notice of substantial completion within 14 days and provides dispute resolution procedures if rejected. 3. It allows contractors and subcontractors to apply for release of retainage 60 days after substantial completion and requires owners to release retainage within 30 days of application. 4. It discusses considerations for contracting parties in light of the new law such as alternative payment security and focus on dispute resolution processes