(1) Any surety company providing a performance bond, that does not promptly and satisfactorily settle or provide a defense for claims or actions in connection with liabilities arising under a construction or maintenance contract for which the surety company previously furnished a bond shall be disqualified from issuing bonds for future Department construction or maintenance contracts.

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Terms Used In Florida Regulations 14-24.001

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Contract: A legal written agreement that becomes binding when signed.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
    (2) Within 90 days of the Department’s offer of final payment, the surety company shall provide to the Department a Contractor’s Affidavit and Surety Consent (Form 21-A), FDOT Form 700-050-21, Rev. 10-13-10, incorporated by reference under Fl. Admin. Code R. 14-79.006 Failure to comply shall constitute grounds for disqualification. Preliminary notice of disqualification will be furnished to the surety company at least 21 days prior to disqualification. Qualification will be reinstated upon the Department’s receipt of the properly executed Contractor’s Affidavit and Surety Consent (Form 21-A).
Rulemaking Authority Florida Statutes § 334.044(2), 337.18(1) FS. Law Implemented 334.044(28), 337.141, 337.18(1) FS. History-Formerly 14-10.01, New 3-21-64, 9-24-75, Formerly 14-24.01, Amended 10-30-96, 1-17-99, 3-28-00, 10-19-04, 10-13-10.