On private projects, the general contractor may provide a conditional payment bond pursuant to Florida Statute s. 713.245. A conditional payment bond is LESS common than an unconditional payment bond pursuant to Florida Statute s. 713.23. A conditional payment bond means that the bond’s obligation to subcontractors and suppliers (etc.) is conditioned on the owner’s payment to the general contractor. Notably, on public projects, there is no such thing as a conditional payment bond.
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.