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 | Jan 3, 2020
Car-free streets could become common in major cities
New York and San Francisco establish thoroughfares dedicated to transit, pedestrians.
Codes and Standards | Jan 2, 2020
CRE professionals have increased interest in embodied carbon accounting, smart buildings
Survey also shows that interest in resiliency lags behind.
Codes and Standards | Jan 2, 2020
White paper focuses on Metal Composite Material labeling
Document part of effort to uphold industry standards for the product.
Codes and Standards | Dec 18, 2019
Hard Rock Hotel collapse in New Orleans puts spotlight on undocumented workers
Having helped rebuild the city after Hurricane Katrina, many under threat of deportation.
Codes and Standards | Dec 18, 2019
Maryland lawmakers take on blocked sidewalks during construction projects
Legislation clarifies developers’ responsibilities.
Codes and Standards | Dec 18, 2019
New York City passes legislation to prevent bird strikes on buildings
Requires bird-safe materials on first 75 feet of a structure.
Codes and Standards | Dec 16, 2019
New Buildings Institute seeks entries for Zero Buildings Database
Listing illustrates feasibility of ultra low-energy buildings.
Codes and Standards | Dec 13, 2019
USGBC launches new tool to prioritize sustainability strategies
Highlights building design features that can lead to better performance.
Codes and Standards | Dec 12, 2019
Coalition calls for consistent building data disclosure regulations in Canada
Major real estate firms are driving the effort.
Codes and Standards | Dec 10, 2019
Utilities rolling out more grid-interactive efficient building programs
Focus is on energy savings and demand flexibility.
