Generally, the result depends on whether the bond is a common law bond issued on private work in addition to lien rights, or whether the bond is a statutory bond that is a substitute for lien rights.
Florida has created a special statutory bond for use with contingent payment clauses in subcontracts on private work.
Florida case law interpreting such statutory bonds generally does not allow the surety to assert a subcontract contingent payment defense.
Dawson in the Superior Court, the plaintiff was required to file a statutory bond
Show that all pertinent information is accurate, such as the statutory bond
and workers compensation insurance.
This article shall serve to facilitate a better understanding of what constitutes a statutory bond issued for the construction or repair of a public building, and a common law performance bond serving the same or a similar purpose.
05(4) goes on to state that the payment provisions of all bonds furnished for public works contracts shall, regardless of form, be construed and deemed statutory bond provisions.
The primary test in determining whether a bond is a statutory bond or a common law bond depends upon an examination of the obligations imposed upon the principal and its surety.
It is our view that had appellant surety company intended that the performance bond which it issued to Rowell be a statutory bond given for the sole purpose of meeting the minimum requirements of F.
45 million statutory bond
, to the court for the benefit of the class upon completion of the appeals process.
24 ~PRNewswire~ -- The statutory Bond
& Trade Committee of National Gypsum Company announced today that based on preliminary tabulation of voting on the competing Chapter 11 plans, the committee's plan was accepted by classes representing approximately half the total bond and trade debt.
I doubt not these statutory bonds
will be eventually broken.