Private
Construction Projects Payment Bonds
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The
most commonly used bonds in the private sector of the
construction industry are statutory payment bonds provided
by contractors pursuant to Florida Statutes section
713.23, conditional payment bonds provided by contractors
pursuant to Florida Statutes section 713.245, lien
transfer bonds provided pursuant to Florida Statutes
section 713.24, and common law payment and/or performance
bonds provided by contractors or subcontractors. There
are additional types and forms of bonds, including bid
bonds, which are less commonly used and which are beyond
the scope of these materials. Payment and performance
bonds may be required of subcontractors by the contractor
on private, as well as public sector, projects; therefore,
there will often be multiple payment and performance bonds
on significant construction projects.
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DISCLAIMER
AND CAUTION: THESE MATERIALS ARE PROVIDED FOR GENERAL INFORMATIONAL
PURPOSES ONLY AND ARE NOT INTENDED NOR SHOULD THEY BE CONSTRUED
AS LEGAL ADVICE AS TO ANY PARTICULAR SET OF FACTS OR CIRCUMSTANCES.
DUE TO THE COMPLEXITY OF THE CONSTRUCTION PAYMENT BOND STATUTES
AND THE CASES INTERPRETING AND APPLYING THE STATUTES, IT
IS RECOMMENDED THAT COMPETENT LEGAL COUNSEL BE CONSULTED
IN REGARD TO ANY QUESTIONS AS TO THE APPLICABILITY OF CONSTRUCTION
PAYMENT BOND LAW TO ANY SET OF PARTICULAR FACTS.
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