WESLEY MANAGEMENT COMPANY – Jupiter, FL
10/13/2020 – Contractor’s requirement to maintain business records in Florida
CONTRACTOR’S REQUIREMENT TO MAINTAIN BUSINESS RECORDS IN FLORIDA
Often contractors lose or destroy project records prematurely making it difficult to defend against claims, and sometimes result in discipline by the Construction Licensing Board.
FL Statute requires contractors who are registered or certified under Chapter 489 to maintain complete business and financial records for the preceding 3 years, including:
Minutes of corporate meetings
Business contacts
Telephone records
Insurance policies
Letters of complaint
Notices received from government entities
Bank statements
Canceled checks
Records of accounts receivable and payable
Financial statements
Loan documents
Tax returns
All other business/financial records contractor maintains in regular course of business.
The requirement to maintain all other business/financial records in regular course of business typically pertains to ALL PROJECT DOCUMENTS, as these are usually created & maintained during the regular course of business.
Most Contractors we have worked with maintain records at least 5years, and we’ve seen some maintain records in excess of 30years. The Contractor who maintained the 30year records was successful in defending a defect claim brought by a Condominium Association 29years after completion of the project.
In the past, records maintenance of large projects involving hundreds of pages of large format drawings and carbon copy file documents was challenging. However today with much correspondence being electronic, and with the availability of scanning resources, there should be little reason why contractors do not digitally scan and store records in the “cloud”. You don’t know valuable these records are until you need them, especially when forensic consultants are involved.
If a contractor prematurely disposes of business records, the Contractor may be subject to adverse jury or arbitration outcome, and discipline from the Board and construction license.
About Company
WESLEY MANAGEMENT COMPANY Consulting company servicing Owners, (POA/HOA) Associations, Developers & Contractors with capital improvements and construction projects. Providing management consulting services in the areas of:
Construction Management: Administration & coordination to deliver a project from inception to completion; meeting the Client’s budget & standards
Owner/Contractor Representation: Observations verifying work proceeds per specification; confirming installations are monitored for compliance with the contract documents
Expert Opinion & Witness: Post construction claims analysis, forensic observation & accountability
Insurance & Mitigation Inspections: Inspections & observations for purchase, or insurance verification & discount
Mission Statement
Assisting to complete contract obligations & achieve Client satisfaction
Licensing & Insurance
Licenses, Certificates of Insurance and pre-qualification information may be furnished upon request. Our firm maintains State, Federal and OSHA requirements for Safety Plans, HAZCOM Communication, Drug Free Work Place and as an Equal Opportunity Employer.
Licensed for commercial drone/UAS operations per FAA Part 107 Certification. Professional liability and job specific aerial drone insurance can be provided.
Certificates
Members of the Company hold certifications for specialty trades, training & licensing, in addition to State required continuing education.
History
Over thirty years experience in providing construction management on projects to $150M.
For more information, visit wesleymanagement.com or call 561 316 7678.
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