The DBELO is responsible for developing, implementing and monitoring the DBE program, in coordination with other appropriate officials. The duties and responsibilities include the following:
It is the policy of SMAA to periodically review the Sarasota-Manatee market for the existence of financial institutions owned and controlled by socially and economically disadvantaged individuals, to investigate the full extent of services offered by such institutions, to make reasonable efforts to use these institutions, and to encourage prime contractors on DOT-assisted contracts to make use of these institutions. Presently, there are no such institutions in the Sarasota-Manatee market.
As part of its DBE Program, SMAA has established a contract clause to require prime contractors to pay subcontractors promptly for the satisfactory performance of their contracts.
Furthermore, we will ensure prompt and full payment of retainage from the prime contractor to the subcontractor. We will hold retainage from prime contractors and provide for prompt and regular incremental acceptances of portions of the prime contract, pay retainage to prime contractors based on these acceptances, and require a contract clause obligating the prime contractor to pay all retainage owed to the subcontractor for satisfactory completion of the accepted work within 10 days after our payment to the prime contractor.