FL H0101

Reduces retainage amounts that local government entities and public entities may withhold from contractor progress payments from 10 percent to 5 percent until 50-percent project completion.

Maintains 5 percent retainage after 50-percent completion, with an exception allowing small municipalities (population 25,000 or fewer) and counties (population 100,000 or fewer) to withhold up to 10 percent until final completion.

Allows contractors to request release of up to one-half of retainage held after 50-percent completion, with public entities required to promptly pay unless grounds for withholding exist.

Requires contractors receiving retainage payments attributable to subcontractors or suppliers to timely remit those funds to those parties.

Takes effect October 1, 2020, and does not apply to contracts entered or advertised before that date or contracts executed under chapter 337, Florida Statutes.