Surety Bond

A surety bond or surety is a promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.
Posts about Surety Bond
  • FIVE-YEAR STATUTE OF LIMITATIONS ON PERFORMANCE-TYPE SURETY BONDS

    … the obligee (beneficiary of the bond) accepted the work. See Federal Insurance Co. v. Southwest Florida Retirement Center, Inc., 707 So.2d 1119, 1121-22 (Fla. 1998). This 5-year statute of limitations on performance-type surety bonds has recently been explained by the Second District in Lexicon Ins. Co. v. City of Cape Coral, Florida, 42 Fla. L. Weekly…

    Florida Construction Legal Updates- 19 readers -
  • OH NO! A LIEN IS RECORDED! WHAT ARE SOME OF MY OPTIONS?

    … You are an owner and a construction lien is recorded on your property. Or, you are a general contractor required to indemnify the owner for construction liens and a subcontractor you are in a dispute with records a construction lien (or one of the subcontractor’s suppliers or subcontractors records a lien). What are your options to extinguish…

    Florida Construction Legal Updates- 14 readers -
  • ONCE BITTEN NOT THE RULE

    … knew or should have known of the animal’s propensity to bite. In Andrews v. Smith , 324 Pa. 455, 188 A. 146 (Pa. 1936), the Pennsylvania Supreme Court held that “[it would be unfair to hold the owners of animals that are normally harmless responsible for the vicious acts of these animals unless they were put on notice that the animal was vicious…

    Prince Law Offices, P.C.- 8 readers -