Florida legislators approved a bill that would limit the amount of retainage that can be withheld from contractor payments on state and local publicly funded projects.
With only one dissenter, the body voted to reduce retainage from 10% to 5%. The retainage rate is the amount withheld from payments until 50% of the project is complete.
The new regulation will not apply to projects valued at $200,000 or less; Florida DOT projects approved under Florida Statutes Ch. 337; and projects entered into, pending approval or advertised by a government entity on or before Oct. 1, 2020. Pending approval by the governor, the new law will go into effect Oct. 1, 2020.
According to Construction Dive, Illinois changed its laws last August to cap retainage at 10% on most private projects, with a reduction to 5% once a contractor completes 50% of its contract scope of work. This is similar to the Illinois retainage laws governing public projects.
Related Stories
Codes and Standards | Mar 29, 2018
Contractors have paid $5.2 million for failing local resident employee mandate on Detroit arena
Companies were only able to meet half of the 51% local worker requirement over course of the project.
Codes and Standards | Mar 28, 2018
Washington State moving to promote mass timber construction with legislation
Bill would require all 12-story or less public buildings to be built with mass timber.
Codes and Standards | Mar 27, 2018
Los Angeles appoints its first chief design officer
Responsibility for enhancing civic architecture and urban design.
Codes and Standards | Mar 26, 2018
National Roofing Contractors Assn., releases updates to its Roof Wind Designer app
Significant changes to online wind-load calculator.
Codes and Standards | Mar 22, 2018
Global construction waste to almost double by 2025
Concerns in Houston, Minnesota over environmental impacts.
Codes and Standards | Mar 21, 2018
Cape Town, South Africa’s dire water supply crisis raises concerns in the U.S.
Los Angeles, Salt Lake City, and Miami among cities at risk for water shortages.
Codes and Standards | Mar 20, 2018
Report shows how LEED certification supports net zero energy
Whole-building energy simulation, ASHRAE compliance requirement are key factors.
Codes and Standards | Mar 15, 2018
Energy efficiency measures contributing to flat demand for power
Utilities having difficulty adjusting to new business environment.
Codes and Standards | Mar 14, 2018
New parking lighting technology is paying off, Energy Dept. says
Newer products can cut energy costs by as much as 70%.
Codes and Standards | Mar 13, 2018
OSHA delays enforcement of beryllium exposure rule
The Occupational Safety and Health Administration (OSHA) voted to delay new beryllium exposure rules until May 11.
