Waiver of Right to Claim Against Payment Bond (Progress Payment) (Florida)

This legal template titled "Waiver of Right to Claim Against Payment Bond (Progress Payment) (Florida)" refers to a document that enables parties engaged in construction projects in the state of Florida to waive their rights to make future claims against a payment bond for progress payments.

A payment bond is a type of surety bond typically provided by a contractor on behalf of the project owner to guarantee the payment of subcontractors, suppliers, and laborers involved in the construction project. This waiver template specifically focuses on progress payments, which are payments made periodically during the duration of the project based on the project's progress criteria.

By signing this waiver, the recipient agrees to relinquish their right to make any future claims against the payment bond for any unpaid amounts related to progress payments. This waiver is typically requested by the contractor or the project owner, as it helps provide assurance and protect parties making progress payments from any potential disputes or legal actions regarding the payment bond.

This template may include essential details such as the names of the parties involved, project information, a statement explicitly waiving future payment bond claims, and the date of signing. It is crucial that parties thoroughly review and understand the terms of the waiver before signing, as it legally binds them to renounce any potential claims concerning progress payments against the payment bond.

Note: It is advised to consult with a legal professional to ensure compliance with applicable laws and regulations specific to the construction industry in Florida.