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
| Feb 17, 2012
Comment period opens March 1 for LEED 2012 update
USGBC says that LEED's strength comes from its continuous evolution.
| Feb 17, 2012
OSHA training videos on proper respirator use available online
17 short videos to help workers learn about the proper use of respirators on the job.
| Feb 17, 2012
Union/employer collaboration on the rise aimed at exceeding OSHA safety standards
Unions have learned to help employers win contracts with bids made competitive through good safety practices.
| Feb 16, 2012
Gain greater agility and profitability with ArchiCAD BIM software
White paper was written with the sole purpose of providing accurate, reliable information about critical issues related to BIM and what ArchiCAD with advanced technology such as the GRAPHISOFT BIM Server provide as an answer to address these issues.
| Feb 9, 2012
Initiative to sell off under-used federal property gaining momentum
The bill is similar to a White House planto cut $8 billion worth of building costs by the end of the 2012 fiscal year, and to establish a panel to identify other sites worth selling or donating to nonprofits or state and local governments.
| Feb 9, 2012
Computer tool helps engineers design roof cladding using Canada's building code
Easier to design roof cladding that can withstand winds in a given area.
| Feb 9, 2012
Webinar focuses on lessons learned from LEED-certified industrial project
This case study will focus on strategies used to save the client money, achieve certification, and effectively market success once the project was complete.
| Feb 9, 2012
Rapid growth of zero energy buildings expected
Much of that growth will be in the European Union, where near-zero energy buildings are mandated by 2019 for public buildings, and by 2021 for all construction.
| Feb 9, 2012
Stiffer OSHA fines put strain on Kansas contractors
A fine for a violation that once cost between $750 and $1,200 now runs $7,000 or more per incident, according to a state industry association official.
