Hey there, construction pros! In the latest episode of The Lien Zone Podcast, Alex Barthet covers the critical topic of “How to Get the Bonding Company to Pay You.”
Here’s a detailed breakdown:
- What is a Payment Bond?: Understand payment bonds as a security device protecting your right to payment, backed by insurance companies like Liberty Mutual and Hartford.
- Key Deadlines: Learn the essential deadlines for serving notices and filing lawsuits to ensure your bond claim is valid. This includes serving a Notice of Non-Payment within 90 days of your last work and filing a lawsuit within one year.
- Steps to Follow:
- Check if a job is bonded through the Notice of Commencement.
- Serve necessary notices based on your role (e.g., subcontractor, supplier).
- Use the 60/60 rule to submit your notice and hassle for payment.
- Claim Process: Discover the steps after submitting a bond claim, including dealing with the surety company’s proof of claim form and the importance of timely follow-up.
- Legal Action: Understand the significance of filing a lawsuit if payment is delayed, ensuring the surety company takes your claim seriously.
Alex emphasizes the importance of understanding the bond claim process, following deadlines meticulously, and being proactive in securing payments. Tune in to get all the insights and protect your financial interests!
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