Αποτελέσματα Αναζήτησης
6 Ιουλ 2021 · Florida’s prompt payment laws provide for statutory interest damages for late payments on construction projects within the state. Under this new legislation, the late payment interest penalties will increase on both private and public projects.
3 Ιουλ 2021 · But effective July 1, 2021, the penalties for failing to timely make undisputed payments increased significantly, making the failure the “misapplication of construction funds,” and subjecting the guilty party to civil and criminal penalties. Click to learn more about this new statute.
29 Ιουλ 2021 · The amendment to Florida Statute § 218.735 (9), which provides for timely payment for construction services from local government entities, increases the interest rate to be charged on late payments from 1 percent to 2 percent, or the rate provided in the construction contract, whichever is greater;
An examination of Florida’s prompt payment statutes, the rules and regulations related to payment timing, is important to know your rights and responsibilities as a party on a construction project. Florida’s specific laws are found in several different areas depending on the project type.
The new statutes, which go into effect October 1, 2023, contain multiple changes to 255.05 Florida Statutes, and 337.18 Florida Statutes, both of which apply to public construction projects. Most of the changes relate to notices of non-payment, notices of contest, bonds, and attorneys’ fees.
31 Ιουλ 2024 · Delays in payment can have a ripple effect, causing project delays, cash flow problems and even putting entire businesses at risk. If you own a construction company, it is essential to have a clear understanding of Florida’s Prompt Payment Act.
