Bonds

8 Jul, 2019

2019 LEGISLATIVE UPDATE: Part I – Payment Bond Claimants – New Notice Requirements

2019-07-08T18:23:27-05:00July 8th, 2019|Categories: Bonds|

What You Need to Know The notice of nonpayment, which has been a prerequisite to a payment bond claim for a long time, must now be made under oath using a statutorily prescribed form. The Details Before Florida’s 2019 legislative session, subcontractors, sub-subcontractors, and material suppliers had to furnish a notice of non-payment as a condition to perfecting a payment bond claim.  These requirements appeared in § 255.05 (applicable to virtually all [...]

24 Dec, 2017

Statute of Limitations on Performance Bond Claim Begins to Run When Bonded Contractor Defaults on Construction Contract

2019-02-16T06:50:54-05:00December 24th, 2017|Categories: Bonds|Tags: |

In Lexon Insurance Company v. City of Cape Coral, 2017 WL 5759059 (Fla 2d DCA Nov. 29, 2017), the court held that the five-year statute of limitations on a surety bond contract begins to run once the bond principal (typically a contractor) breaches the bonded contract, not when the bond obligee (typically the owner) demands that the surety cure the principal’s default and not when the surety denies the bond claim. [...]