What is the standard retainage percentage typically held on public construction projects in Florida?
Correct Answer
A) 5%
Florida Statute 218.735 limits retainage on public construction projects to 5% of the amount of each progress payment. This protects contractors from excessive retainage while ensuring owner security.
Why This Is the Correct Answer
Florida Statute 218.735 limits retainage on public construction projects to 5% of the amount of each progress payment. This protects contractors from excessive retainage while ensuring owner security.
More Contract Admin Questions
A project experiences a 30-day delay due to unusually severe weather. The contract includes a liquidated damages clause of $1,000 per day for delays. If the weather delay is excusable but not compensable, what liquidated damages apply?
A commercial project requires a total of 12 inspections. The building department charges $85 per inspection for the first 5 inspections, $65 for inspections 6-10, and $45 for any additional inspections. What is the total inspection fee?
What document must be posted at the job site before a Certificate of Occupancy can be issued for a commercial building?
A mixed-use development requires a variance for reduced setbacks. The property is located within 500 feet of a hospital. What additional consideration must be addressed?
A LEED project requires tracking of regional materials. Materials are considered regional if they are extracted, harvested, or recovered, as well as manufactured within what distance of the project site?
People Also Study
Business & Financial Management
120 questions · 70% to pass
Project Management
60 questions · 70% to pass
Previous Question
As-built drawings must be updated to reflect which of the following changes during construction?
Next Question
A carpenter earns $28 per hour. With payroll taxes, workers compensation, and benefits, the total hourly cost is $42. If the carpenter installs 40 linear feet of trim per hour, what is the labor cost per linear foot?