The concept of escrow revolves around a neutral third party retaining funds until specific criteria are satisfied. When it comes to construction, escrow accounts are commonly established by financing institutions and project managers to reserve funds meant for construction endeavors. Large or small, most construction endeavors in Florida encompass multiple phases, possess inherent risks, and […]
Tag Archives: Construction Projects
Uniform Commercial Code in Relation to Construction Law
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing commercial transactions across the U.S. While it was crafted to bring uniformity to commercial law across states, each state has the discretion to adopt the UCC as it is or with modifications. Florida, like many other states, has incorporated a version of the […]
Heatwaves and Housing: How Multifamily Buildings Can Prepare and Protect Residents
Heat events are no longer isolated occurrences; they’re becoming a norm. For multi-residential building association boards and management teams, this poses unique challenges and liabilities. Understanding Your Responsibility First and foremost, association boards and management teams have a duty to ensure the safety and welfare of their residents. This isn’t merely an ethical stance; it’s […]
Construction Law: What Contractors, Subcontractors, and Suppliers Must Know
Construction laws can be very complex. The U.S. Census Bureau reports that construction work totals $1.7 trillion annually. Construction is a massive focus of our economy, and it’s essential for anyone involved to understand how these laws might affect their project. What is Construction Law? Construction law encompasses the laws, regulations, and ordinances that […]
Tips For Associations Planning Large Repair And Construction Projects
Maintaining the association’s common elements is one of the primary responsibilities – – and headaches – – for associations and their Board of Directors. The duty is so important, in fact, it comes up multiple times in the Condominium Act (Florida Statute Section 718.111(4) to maintain, repair, lease, and replace the common elements; Section 718.111(3) […]