Making certain to properly prepare your Notice to Owner or Notice to Contractor can be the difference between getting paid, and learning an expensive lesson. All too often, contractors seek to save a little bit of money and have their preliminary notices done on the cheap. Either preparing those themselves, or utilizing unreliable services to do so. More than ever, we are seeing claims lost as a result of such frugalness.
SURETY'S RIGHT TO MAKE A COLLATERAL CALL ON BONDED CONTRACTOR AND ITS PRINCIPALS
CONTRACTOR DEPRIVED OF RIGHTS UNDER SUBCONTRACTOR'S PERFORMANCE BOND BY FAILING TO PROVIDE NOTICE OF DEFAULT AS REQUIRED BY SUBCONTRACT INCORPORATED BY REFERENCE
If you furnish labor, services, or materials for the improvement of a public project, significant changes to the Florida public project bond law, section 255.05 Florida Statutes, have just gone into effect. In order to increase your chances of being paid, you need to understand these changes and the potential effects on you. Read More...
Rules, more rules, exceptions to the rules, and an infinite number of exceptions to the exceptions - this may be the popular belief about what civil law is made of. Whether that perspective is accurate or not, understanding those rules, exceptions, etc., can translate into having more of the bottom line: $$$. Wondering whether those rules allow you to recover attorney fees incurred on your bond claim, click here to find out.....
When you enter into an agreement to furnish labor, materials, and construction services, but that agreement requires the other party to pay you only after you have started performing, you are extending credit. No surprise, but not all owners and general contractors are credit-worthy. "But," you say, "Florida law provides me with lien rights." If you are careful to comply with the many technical requirements, it is true that you may have lien rights. But, what if the construction lender's mortgage that has priority over your lien exceeds the value of the property? Your lien may be value-less. Many subcontractors over the last few years have found themselves in just that situation. If you are fortunate enough to be able to say that you are protected by a payment bond, then you might be in good shape. However, even in the case of a bond, you must still be careful to ensure the greatest chance of getting paid.
The 2012 Florida Legislature made some significant changes to the State public bonding statute, Fla. Stat. 255.05 and the Florida Construction Lien Law. House Bill 897 passed and became Chapter 2012-211, Laws of Florida effective October 1, 2012: