article thumbnail

New Florida Statute Changes Retainage and Prompt Pay Requirements on State and Local Government Construction Projects

Jimerson Firm

On May 25, 2023, Florida Governor Ron DeSantis signed into law Senate Bill 346 (“SB 346”), which makes substantial changes to Florida construction law regarding prompt payment and retainage requirements on contracts between state and local governments and construction contractors on Florida construction projects for these governmental entities.

article thumbnail

Collection Agency for Construction Equipment Rental

Nexa Collect

Construction equipment companies have an ongoing requirement for debt collection from businesses (and sometimes individuals) who do not pay the agreed-upon rental dues on time.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Startling rise in construction firm recovery loan defaults

UK debt collections

A startling rise in construction firms defaulting on covid loans could signal a wave of future business failures. The default rate in construction is 2.5% – more than twice the default rate of some other sectors, such as arts and entertainment (1.3%) and healthcare (0.8%).

Loans 105
article thumbnail

Construction Contractors Beware the Consequences of Consequential Damages

Jimerson Firm

Consequential damages for breach of a construction contract are a significant risk that contractors need to understand and be aware of in connection with construction projects. For example, suppose a contractor is required to complete the construction of a 250-unit apartment complex within 9 months. 1] Keystone Airpark Auth.

article thumbnail

What Should Construction Contractors Do When a Property Owner Files For Bankruptcy?

Jimerson Firm

A construction project to a screeching halt when a property owner files for bankruptcy, creating a serious risk of substantial losses for the contractor, as well as subcontractors and suppliers. The list of creditors receiving the Notice should include the general contractor of an incomplete construction project. See 11 U.S.C.

article thumbnail

Construction late payment worsening says Data firm

UK debt collections

Construction late payment is getting worse according to the latest data from Creditsafe. More than half of all business invoices sent to construction firms were paid late last year analysis has found. The proportion of late invoices “significantly increased” to 52.9 Meanwhile, the vast majority – 75.2

article thumbnail

Construction industry fears rise for firms going bust

UK debt collections

The construction industry is the latest sector to brace itself for a spike in Insolvencies. It is the combination of these difficult factors that is leading to so many construction companies going insolvent and being liquidated.”. The ever increasing cost of labour and materials is adding weight to rising numbers of insolvencies.