Obligor means an owner, contractor, subcontractor or sub-subcontractor who has an obligation to make payments under a contract subject to the law. The obligee has furnished all affidavits or waivers as required for the owner to make proper payments under Section 713.06, Florida Statutes. It is important to note that this language is mandatory. It specifically states that the obligor must pay the obligee upon the occurrence of all three enumerated events. It places the burden, however, on the obligee to insure that all three conditions required by the law are met.
Interest begins to accrue on the fourteenth day after payment is due as provided above.
It for some reason the obligee's request for payment is incomplete or incorrect, the obliger has fourteen days within which to return it to the obligee for correction or completion. If the obligor returns a request for payment, he must specify in writing the reasons for its return. If, however, the obligor does timely return a request with written instructions, interest does not begin to accrue until the fourteenth day after the request for payment is completed or corrected. The Legislature points out that this new right to receive interest on payments is not an exclusive remedy, and the law does not modify remedies already available under the contract or any other statute. The law does create a new and separate cause of action for the collection of interest due pursuant to this act.