Forfeiture occurs when a person is in breach of a legal obligation, and the breach causes something to be lost or surrendered as a result of the breach. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
Florida Demand for Payment Due Pursuant to an Agreement with Notice that Failure to Pay Will Cause a Forfeiture to be Declared
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US-00931BG
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How to fill out Demand For Payment Due Pursuant To An Agreement With Notice That Failure To Pay Will Cause A Forfeiture To Be Declared?
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Prompt Payment - means payment of proper invoices made within 45 days for non-construction services and 20 business days for construction services of the payment due date as calculated by the Accounts Payable Section of the Finance Department ing to the Florida Prompt Payment Act.
In 1982, Congress passed the Prompt Payment Act to require Federal agencies to pay their bills on a timely basis; to pay interest penalties when payments are made late, and to take discounts.
As for all other payments down the contracting chain, payments should be made within 30 days of either: (1) the date when payment becomes due, or (2) the date when the labor, services, or materials are received; whichever is later.
Florida law requires a contractor to apply for a permit within 30 days and start work within 90 days if he collects more than 10 percent of the contract up front.
Among the amendments that will take effect on October 1, 2023 is a new requirement that a lienor notify both a contractor and its surety, if applicable, of nonpayment claims, and an addition of language permitting arbitrators to award prevailing party fees in payment bond enforcement actions.
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