Unlock the mysteries of payment bonds in our latest episode. We first delve into understanding the core concept of a Payment Bond Claim. Unlike traditional claims, where you’d stake your claim on the property, a payment bond claim gives you a claim against the surety bond. What’s more, this bond is backed by renowned insurance giants, solidifying your chances of payment. If you’ve ever glanced at the Notice of Commencement, you might have seen a reference to the payment bond – an essential component for the uninitiated.
Transitioning to the nitty-gritty, we decipher the Bond Deadlines. Whether it’s private bonded projects or state public ones, the timeline for subcontractors, sub-subcontractors, and suppliers varies. With distinct guidelines for each, from Notices of Nonpayment to filing suits on bonds, we break it down so you won’t miss a beat.
To round off, we unveil the secrets on How to Get Paid. Spoiler Alert: Simply issuing a Notice of Nonpayment isn’t the golden ticket. Facing requests for “proof of claim”? Thinking of providing that POC? Think again. We highlight some pitfalls to avoid and emphasize the importance of understanding the intentions of most sureties. Moreover, patience is a virtue, but what if the surety’s playing the waiting game? Find out our recommended approach.
And if you’re asking, “When will they pay me?”, our 60/60 rule might be the mantra you need. Don’t just wait; take proactive steps. And remember, sometimes, timely legal action is the best course forward.
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About Alex Barthet
Alexander Barthet is a board certified construction attorney in Florida and holds a B.S. in mechanical engineering. He manages The Barthet Firm, a ten lawyer construction law firm in Miami, and maintains a construction law blog at www.TheLienZone.com. He can be reached at 305-347-5295 or alex@barthet.com.
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