Arizona officials have enacted new “prompt pay” rules to keep cash flowing to struggling contractors, caught by banks and developers that have been withholding project payments in tough times. Gov. Janice K. Brewer (R) on May 11 signed into law a bill establishing retainage and final-payment timetables for properly completed construction work. Failure to comply results in penalties of 1.5% monthly interest charges. “Retention issues should be dealt with immediately and not be dragged out for cash-flow purposes, ” says Michael F. Markham Sr., president of Markham Contracting Co. Inc., Phoenix. “The banks have been a problem with this. They
The 2016 Summer Olympics boating and swimming events have put an international spotlight on what has been a long-running problem in Rio de Janeiro—untreated sewage and trash are clogging up major bays and waterways.