Checklist for a 255.05 Bond in Florida
Contractors working on public projects should be familiar with the requirements of Florida Statute §255.05.
What a 255 bond needs to state on its face:Name, principal address, and phone number of the contractor, the surety, the owner of the property being improved, and if different from the owner, the contracting public entity;
The contract number assigned by the public entity;
The bond number assigned by the surety; and
A description of the project sufficient to identify it, such as a legal description or the street address, along with a general description of the improvement.
Not required to be on the face page of the bond, they should be somewhere within the bond:Reference to 255.05 by number;
Reference to the notice and time provisions of 255.05(2); and
Reference to Fla. Stat. 255.05(10).
In addition to the technical requirements above, substantively, the bond cannot:Restrict classes of claimants from those listed under 713.01;
Restrict venue for a bond claim;
Restrict or expand the duration of the bond; or Add conditions precedent to the enforcement of a claim against the bond beyond the purview of the statute.
Fail to address each of these provisions and your bond may not be enforceable.Make sure you read up on this subject, could save you a lot of trouble.