The punch list on a city project is created on June 2. By when must the city pay the remaining contract balance less the withholding the statute allows?
Correct Answer
A) 20 business days after the list is created
Section 218.735(7)(e) runs 20 business days from creation of the list, not from completion of the listed work. Payment for the amount held back under that paragraph comes later, when the contractor submits a request after finishing the items, under s. 218.735(7)(f).
Why This Is the Correct Answer
Section 218.735(7)(e) runs 20 business days from creation of the list, not from completion of the listed work. Payment for the amount held back under that paragraph comes later, when the contractor submits a request after finishing the items, under s. 218.735(7)(f).
Why the Other Options Are Wrong
Option B: 20 business days after all listed items are complete
It runs from creation of the list, not completion of the items.
Option C: 30 calendar days after the list is created
The period is 20 business days, not 30 calendar days.
Option D: 10 business days after the list is created
The period is 20 business days, not 10.
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A forecast for this period has $426,000 of earned work and a stated 5% retainage. There are no prior-payment offsets or other deductions. What amount remains after retainage?
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