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