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 | Aug 10, 2020
Concrete Institute and Post-Tensioning Institutes expand partnership
Will collaborate on new structural post-tensioned concrete code requirements.
Codes and Standards | Aug 6, 2020
SpeedCore demonstrates excellent fire resistance without additional fire-protective coatings
New York City approves metal-concrete product for all five boroughs.
Codes and Standards | Aug 5, 2020
Designing, redeveloping communities for zero energy needed to address climate change
District heating and cooling systems boost efficiency.
Codes and Standards | Aug 4, 2020
Virginia is the first state to adopt COVID-19 worker safety rules
Include social distancing requirements, notifications when co-worker tests positive, timelines to return to work after recovery.
Codes and Standards | Aug 3, 2020
Report aids local governments on policy options, pathways to electrify new buildings
Document focuses on switching appliances and equipment away from natural gas, propane.
Codes and Standards | Jul 30, 2020
Institute for Market Transformation acquires Energy-Efficient Codes Coalition
Goal is to achieve net-zero construction by 2050.
Codes and Standards | Jul 29, 2020
Crackdowns grow on construction firms that fail to follow COVID-19 guidelines
States, cities, and OSHA enforce social distancing, hand-washing regulations.
Codes and Standards | Jul 28, 2020
California utility adopts climate emergency declaration
Sacramento-region company commits to working towards carbon neutrality by 2030.
Codes and Standards | Jul 27, 2020
Updated Energy Plus and OpenStudio building energy modeling tools released
Software offers performance enhancements.
Codes and Standards | Jul 23, 2020
North Carolina will stop relying on FEMA flood mapping
State will identify flood zones on its own.
