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Question DetailsAsked on 11/14/2017

What are the laws for the draw percentage in Florida for construction contracts

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I could not quickly find any restrictions on that, but did find several indicating there are no limits on the amount or percentage of deposits or progress payments. Generally, any deposits and progress payments, and the criteria establshing at what point they come payable, are spelled out in the Payments section of your contract. The percentage of total job at each draw or progress point should be keyed to the approximate value of the work completed to thatpoint - though sometimes that is skewed by mandatory up-front payments for custom windows or doors or cabinets or such.


Of course, best not to let the contractor get "ahead" of you once he starts work, but also not fair to expect him to carry the total cost of a substantial size job till the end other, especially when he probably has subcontractors and suppliers looking for payment (at leat partial payments) before the job is done - especially since many of them will be complete or substantailly complete with their share of the worklong before the end of a significant size job.


It is common to have progress payments be paid at 90% of the amount of work done to that point, to leave that 10% total (by the end of the job) as leverage over the contractor to induce him to promptly clean up the final punch list rather than just walking off substantiall but not completely done per the contract.


Here are a few links regarding Florida construction contract law requirements FYI:


http://www.jimersoncobb.com/blog/2013...


https://www.floridabar.org/public/con...


https://lawfloridaconstruction.com/co...

Answered 8 days ago by LCD




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