Florida Account Stated for Construction Work is a legal concept that is essential for contractors and construction professionals operating in the state of Florida. It is a mechanism to ensure fair compensation for construction services rendered and serves as a means for resolving payment disputes. In Florida, an "account stated" refers to the explicit agreement between a contractor and a client regarding the amount owed for construction work completed. It is a legally binding acknowledgement that both parties have reached an agreement on the outstanding balance and intend to pay or be paid accordingly. To initiate an Account Stated claim, a contractor must first provide a detailed and itemized statement of the work performed, along with the associated costs and agreed-upon payment terms. This statement serves as the basis for establishing the account and the overall amount owed. There are various types of Florida Account Stated for Construction Work, some of which include: 1. Single-Project Account Stated: This type of Account Stated applies to a specific construction project or job. It involves presenting a clear and concise statement of all billable items, materials, labor costs, and any additional charges associated with that specific project. 2. Open-Book Account Stated: In this type of Account Stated, the contractor and client maintain an ongoing business relationship over multiple projects. The contractor periodically provides the client with a detailed statement of all expenses incurred, materials used, and labor provided. The client then has the opportunity to review and approve these statements, creating an ongoing account between the two parties. 3. Final Account Stated: Upon the completion of a construction project, a final account stated is prepared to document all costs incurred, including any change orders or additional work that may have been requested during the project. This final statement serves as a comprehensive record of all financial transactions and allows for a clear determination of outstanding balances. Construction professionals in Florida must be familiar with the intricacies and legal requirements surrounding Account Stated. By diligently preparing accurate and detailed statements, contractors can ensure that they are appropriately compensated for their work while minimizing payment disputes and potential legal issues. In conclusion, Florida Account Stated for Construction Work is a crucial process that facilitates fair compensation and resolves payment disputes in the construction industry. By understanding its various types and the legal obligations involved, contractors can navigate the complexities of construction projects in Florida while protecting their financial interests.
Florida Account Stated for Construction Work
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How to fill out Florida Account Stated For Construction Work?
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FAQ
The new law bars local governments from requiring a person to obtain a license for a job or task that does NOT correspond to the activities of a contractor.
Statute of Limitations: In Florida, the statute of limitations for an account stated is typically four years. Therefore, a claimant must bring legal action for an account stated within four years of the parties agreeing upon the account.
I declare that, to the best of my knowledge and belief, the information herein is true and complete. I understand this statement is made for use as evidence in court and is subject to penalty for perjury.
ING TO FLORIDA'S CONSTRUCTION LIEN LAW (SECTIONS 713.001-713.37, FLORIDA STATUTES), THOSE WHO WORK ON YOUR PROPERTY OR PROVIDE MATERIALS AND SERVICES AND ARE NOT PAID IN FULL HAVE A RIGHT TO ENFORCE THEIR CLAIM FOR PAYMENT AGAINST YOUR PROPERTY. THIS CLAIM IS KNOWN AS A CONSTRUCTION LIEN.
A Sworn Statement of Account is a written request sent to a lienor for certain information. This document is prescribed by Florida's lien law. It is sent for two reasons by the inquiring party ? the first reason is to learn how much you have been paid and what you are owed.
Obtain a Release of Lien, which is a written statement that removes your property from the threat of lien. Before you make any payments, make sure you receive this waiver from all suppliers and subcontractors, and that it covers the materials used and the work performed.
Per Florida Statutes 713.16, the sworn statement of account is a written statement that documents the nature of the labor or services performed or to be performed, materials supplied or to be supplied, current amount paid on the account, amount due and amount to become due as stated by the lienor.
ING TO FLORIDA'S CONSTRUCTION LIEN LAW (SECTIONS 713.001-713.37, FLORIDA STATUTES), THOSE WHO WORK ON YOUR PROPERTY OR PROVIDE MATERIALS AND SERVICES AND ARE NOT PAID IN FULL HAVE A RIGHT TO ENFORCE THEIR CLAIM FOR PAYMENT AGAINST YOUR PROPERTY. THIS CLAIM IS KNOWN AS A CONSTRUCTION LIEN.