As any construction industry professional knows, payment disputes are extremely common on both private and public projects. Many times, payment occurs many months (or even years) later. Delayed payment is not only detrimental to a project running smoothly and finishing on time, but it also causes general contractors and subcontractors financial hardship while they balance staying afloat for their daily operations and completing a project. However, many general contractors and subcontractors that are just starting out are unaware that Florida has laws (statutes) which require payment to occur within a specified amount of time—to ensure that all projects are paid in a timely fashion with enough cash flow to keep them running through to completion. These statutes are known as “prompt payment laws.”
Prompt payment laws regulate the amount of time during which payment must be made to contractors and subcontractors. Prompt payment laws cover both public and private construction projects.
Prompt payment laws provide protection to parties on the construction chain and help ensure that projects are funded and seen through to completion. However, because there are many parties involved and numerous timing deadlines, prompt payment provisions can be tough to navigate as a project owner or prime contractor. To learn more contact Kristina Puente at kpuente@haber.law.
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