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 4, 2021
Biden administration overturns Trump’s federal building design mandate
Previous order promoted classical and “traditional” architecture above others.
Codes and Standards | Mar 3, 2021
Texas freeze raises questions about risks of electrifying buildings
Gas stoves helped residents cook, boil water when power went out.
Codes and Standards | Mar 2, 2021
New Seattle building code eliminates fossil fuels for most space and water heating
Also increases on-site solar photovoltaics, reduces envelope heat loss, air leakage, and interior lighting power allowances.
Codes and Standards | Feb 25, 2021
It’s not just lumber—roofing material prices are also on the rise
Lower demand for petroleum products means less asphalt production.
Codes and Standards | Feb 23, 2021
USGBC offers education on LEED Safety First pilot credits
Four courses address COVID-19.
Codes and Standards | Feb 23, 2021
ASHRAE Epidemic Task Force releases updated Building Readiness Guide
Includes flush calculations to reduce time and energy to clear contaminants between occupancy periods.
Codes and Standards | Feb 22, 2021
Preservation of Affordable Housing develops climate resilience strategy
Includes backup power for resident and staff “area of refuge”.
Codes and Standards | Feb 18, 2021
Construction industry moves toward comprehensive U.S. BIM standard
NIBS hosts roundtable to create coordinated program to advance collaboration.
Codes and Standards | Feb 17, 2021
Construction on international sports venues is ripe for corruption
Poor planning, complex contracting, a lack of accountability and high levels of collusion to blame.
Codes and Standards | Feb 16, 2021
Feds may fund removal of some urban highways
Senate bill proposes pilot program to reknit communities.