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Click ‘Get Form’ to open the Florida Surety Bonds document in the editor.
Begin by checking the appropriate box for the type of bond you are requesting: Bid Bond, Performance & Payment Bond, or Maintenance Bond. Ensure you include the acceptance date if applicable.
Fill in the contractor's name and contact information, followed by the Obligee/Owner/GC name, address, and phone number. This is crucial for compliance with Florida Statute 255.05.
Provide details about the project title and street address, along with a brief job description or scope of work.
Enter the bid or contract number and date, along with the amount of the bid. Select your bid bond percentage from the options provided (5%, 10%, 20%, or Other).
Complete fields for performance bond percentage, payment bond percentage, estimated start date, completion time in days, and liquidated damages per day.
Indicate any maintenance period required and specify retainage terms. If applicable, provide owner's bond forms.
Finally, fill in your name as ordered by and date requested before saving your completed form.
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A surety bail bond is a three-way contract among the state, the defendant, and a surety, under which the surety guarantees to the state that the defendant will appear at subsequent court proceedings. Release of the accused on a surety bail bond commits him or her to the exclusive custody of the surety.
Do you have to pay all of a surety bond?
Thankfully, the cost of a bond is usually split, so that you arent required to pay the entire amount. On average, you will instead only pay between 1 percent and 15 percent of the bond. If a surety bond is $15,000 and you are expected to pay 10 percent, you will pay $1,500 of that bond.
How much is a $25,000 surety bond in Florida?
Surety bond premiums are calculated as a small percentage of the bond amount. $25,000 surety bonds typically cost 0.510% of the bond amount, or $125$2,500. Highly qualified applicants with strong credit might pay just $125 to $250, while an individual with poor credit will receive a higher rate.
What are the disadvantages of a surety bond?
Disadvantages of Commercial Surety Bonds Cost: While commercial surety bonds are generally more affordable than other financial guarantees, they still come with a cost. Businesses must pay a premium to obtain a surety bond, which can vary depending on the bond amount and the companys financial stability.
What is the surety bond law in Florida?
A Florida surety bond is a contract put in place to protect the government and its citizens from an individual or business that might try to cheat them out of a service that they owe.
florida surety bond
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Is a surety bond required in Florida? Yes, in many cases, whether you are starting a new business, offering professional services, or engaging in projects that involve public works or construction, you may be required to secure a surety bond in Florida.
florida surety bonds
Fla. Admin. Code Ann. R. 61A-10.0821 - Surety Bond
(1) All corporate surety bonds required under Section 210.40 F.S. must be issued by a surety company authorized to do business in the State of Florida
The court must then determine whether to require the posting of a bond to secure the opposing parties damages, interest thereon, and attorneys fees and costs
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