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 | Jul 10, 2017
New mass plywood panel project moves ahead with federal grant
New material is substitute for concrete and steel in multi-story projects.
Codes and Standards | Jul 6, 2017
Trump ups ante on apprenticeships, gives private sector more room to design them
Initiative aimed at alleviating construction industry worker shortage.
Codes and Standards | Jul 6, 2017
Flawed modeling to blame for green buildings failure to live up to hype on energy efficiency
Explains energy performance gap from expected savings to actual savings.
Codes and Standards | Jul 5, 2017
Research study examines tall timber buildings worldwide
Industry group developing criteria for categorizing wide range of construction approaches to tall timber buildings.
Codes and Standards | Jun 30, 2017
AAMA releases new document on aluminum fenestration and energy efficiency
The free download addresses entrances, storefront framing, curtain walls, windows and skylight fenestration systems.
Codes and Standards | Jun 29, 2017
Fire codes prevent cladding used on Grenfell Tower from being used in U.S.
Reports suggest an extra $6,300 for fire-resistant cladding could have prevented the tragedy.
Codes and Standards | Jun 28, 2017
Minimum Design Loads and Associated Criteria for Buildings and Other Structures, Standards ASCE/SEI 7-16, has been updated
The document is used for determining design loads including dead, live, soil, flood, tsunami, snow, rain, atmospheric ice, earthquake, wind, and fire.
Codes and Standards | Jun 27, 2017
Cold-formed steel framing engineering guide for building projects released
Better sound attenuation for subfloors and exterior continuous insulation are among the matters addressed.
Codes and Standards | Jun 26, 2017
L.A.’s new ordinance requires energy and water efficiency benchmarking
Structures 20,000 sf and larger must demonstrate steps to boost efficiency.
Codes and Standards | Jun 21, 2017
World Green Building Council: All buildings must be net zero by 2050 to avert 2°C rise
Building efficiency essential to tempering global climate change.