Payments bonds are routine on Florida public and Federal construction projects. Payment bonds are also common on private construction projects when the owner wants to exempt its property from construction liens.
Types of payment bonds include:
- Common law payment bonds;
- Conditional payment bonds on private projects pursuant to Florida Statute s. 713.245;
- Florida Department of Transportation (FDOT) payment bonds pursuant to Florida Statute s. 337.18;
- Miller Act payment bonds on federal projects pursuant to 40 U.S.C. s. 3131 – 3134;
- Public payment bonds pursuant to Florida Statute s. 255.05; and
- Unconditional payment bonds on private projects pursuant to Florida Statute s. 713.24;
Please check out the below chart regarding preserving and enforcing payment bond rights.
Please contact David Adelstein at email@example.com or (954) 361-4720 if you have questions or would like more information regarding this article. You can follow David Adelstein on Twitter @DavidAdelstein1.