The payment bond required to exempt an owner under this part shall be furnished by the contractor in at least the amount of the original contract price before commencing the construction of the improvement under the direct contract, and a copy of the bond shall be attached to the notice of commencement when the notice of commencement is recorded. The bond shall be executed as surety by a surety insurer authorized to do business in this state and shall be conditioned that the contractor shall promptly make payments for labor, services, and material to all lienors under the contractor's direct contract. Any form of bond given by a contractor conditioned to pay for labor, services, and material used to improve real property shall be deemed to include the condition of this subsection.
The Cape Coral Florida Payment Bond Form is a legal document used in the construction industry to ensure payment to subcontractors, suppliers, and laborers for their services and materials used on a project. It is designed to protect these parties in case the contractor responsible for payment fails to fulfill their obligations. Keywords: Cape Coral Florida Payment Bond Form, construction, mechanic liens, subcontractors, suppliers, laborers, project, payment obligations. There are various types of Cape Coral Florida Payment Bond Forms related to construction projects and mechanic liens. The most common ones include: 1. Cape Coral Florida Payment Bond Form for Public Projects: This form is typically used for construction projects funded by government entities such as federal, state, or local agencies. It ensures that subcontractors and suppliers are paid if the contractor defaults. 2. Cape Coral Florida Payment Bond Form for Private Projects: This form is used for construction projects that are privately initiated and funded. It serves the same purpose as the public project bond form but is specific to private ventures. 3. Cape Coral Florida Mechanic Lien Form: A mechanic lien is a legal claim against a property used to secure payment for labor or materials supplied to improve the property. This form is used to file and enforce mechanic liens in Cape Coral, Florida. 4. Cape Coral Florida Conditional Payment Bond Form: This form is used when the payment of a subcontractor or supplier is contingent upon the contractor receiving payment from the project owner. It provides an additional layer of protection for the claimant. 5. Cape Coral Florida Unconditional Payment Bond Form: This form is used when the payment of a subcontractor or supplier is not contingent upon the contractor receiving payment from the project owner. It guarantees direct payment to the claimant in case of default. Overall, the Cape Coral Florida Payment Bond Form and related mechanic lien forms play a crucial role in protecting the rights and ensuring fair compensation for subcontractors, suppliers, and laborers involved in construction projects.The Cape Coral Florida Payment Bond Form is a legal document used in the construction industry to ensure payment to subcontractors, suppliers, and laborers for their services and materials used on a project. It is designed to protect these parties in case the contractor responsible for payment fails to fulfill their obligations. Keywords: Cape Coral Florida Payment Bond Form, construction, mechanic liens, subcontractors, suppliers, laborers, project, payment obligations. There are various types of Cape Coral Florida Payment Bond Forms related to construction projects and mechanic liens. The most common ones include: 1. Cape Coral Florida Payment Bond Form for Public Projects: This form is typically used for construction projects funded by government entities such as federal, state, or local agencies. It ensures that subcontractors and suppliers are paid if the contractor defaults. 2. Cape Coral Florida Payment Bond Form for Private Projects: This form is used for construction projects that are privately initiated and funded. It serves the same purpose as the public project bond form but is specific to private ventures. 3. Cape Coral Florida Mechanic Lien Form: A mechanic lien is a legal claim against a property used to secure payment for labor or materials supplied to improve the property. This form is used to file and enforce mechanic liens in Cape Coral, Florida. 4. Cape Coral Florida Conditional Payment Bond Form: This form is used when the payment of a subcontractor or supplier is contingent upon the contractor receiving payment from the project owner. It provides an additional layer of protection for the claimant. 5. Cape Coral Florida Unconditional Payment Bond Form: This form is used when the payment of a subcontractor or supplier is not contingent upon the contractor receiving payment from the project owner. It guarantees direct payment to the claimant in case of default. Overall, the Cape Coral Florida Payment Bond Form and related mechanic lien forms play a crucial role in protecting the rights and ensuring fair compensation for subcontractors, suppliers, and laborers involved in construction projects.
