This form may be completed and used by a subcontractor or supplier who has not been fully paid on a project and is seeking payment from the surety (insurer) under the terms of a payment bond. In construction, a payment bond is a bond on the general contractor to ensure payment to subcontractors and suppliers.
Puerto Rico Bond Claim Notice
Category:
State:
Multi-State
Control #:
US-CONST3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Bond Claim Notice?
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FAQ
The Little Miller Act is a state-specific statute that acts as an extension of the federal Miller Act of 1935. The Miller Act states that all prime contractors on government construction projects are required to obtain bonds that guarantee both performance and payment for the invested parties.
The state's ?Little Miller? Act requires the primary contractor to procure a surety bond for any public construction exceeding $100,000. This provision aims to protect government property from being encumbered by a mechanics lien; it also protects lower tier subcontractors from going unpaid.
How much do you pay for a surety bond? Florida surety bonds are required for many jobs, but what does it cost to buy one? On average, the cost of a surety bond falls somewhere between 1% and 15%. That means you may be charged anywhere from $100 to $1,500.
The surety - the party that sells the bond to the principal - financially reimburses the obligee should the principal fail to fulfill their obligations. Bonds are required for construction and renovation projects more than $100,000 and any project involving a federal building or public works project.
If you need a surety bond in Florida, here's what you need to know: Determine the type of surety bond you need from your contract. Florida requires different types of surety bonds for different industries and purposes. Obtain a bond application. ... Pay the premium and obtain the bond.
How to File a Bond Claim in Florida Step 1: Obtain a Copy of the Payment Bond. ... Step 2: Send Notice to Contractor. ... Step 3: Send Florida Notice of Nonpayment. ... Step 4: Enforce Your Florida Payment Bond Claim.
