Conditional Payment Bonds – Private Projects (Florida Statute s. 713.245)

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.

 

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