§ 2-214. Progressive payments.

Any contract may provide for progressive payments. If progressive payments are provided a ten percent retainage must be held on all portions of the progressive payments made until 50 percent of the total job is complete unless the contractor has been approved for a lower percentage retainage by the POD pursuant to the construction incentive program. Five percent retainage must be withheld on the balance of the progressive payments until 100 percent completion unless the contractor has been approved for a lower percentage retainage by the POD pursuant to the construction incentive program. No payment shall be made under such progressive payment contract or any lump sum contract unless the payment has been approved by the POD.

(Code 1992, § 2-206; Laws of Fla. (1931) ch. 15505, § 17(f); Laws of Fla. (1951) ch. 27873, § 1; Ord. No. 362-F, § 1, 6-21-1979; Ord. No. 79-H, § 2, 8-22-2013)