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How much interest can we charge on late payments for construction contracts in Melbourne and Gainesville Florida?

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We entered into contracts for work with West Shore LLC for projects in Gainesville and Melbourne, FL. The work has been completed per the contract and the customer has not paid in full. We liened the jobs and still haven't received payment in full. The customer has sent partial payments randomly. We have an attorney sending demand letters. The latest demand letter draft references interest on past due payments in the amount of 1.5%, which is the standard amount listed on our project proposals. The customer signed our proposal for a couple of the jobs but we have contracts on 2 others. The executed contracts state "Payments due and unpaid under the Contract Documents shall bear interest from the date payment is due at the legal rate prevailing at the place of the project." We want to know the legal amount we can charge on past due payments.

1 reply

Mar 23, 2021
You can change the interest in the contract to as high as 18% per year. Otherwise, you are left with the statutory interest rate in Florida which can change quarterly. The below link is the current rate. https://www.myfloridacfo.com/division/aa/localgovernments/current.htm
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