Fla. Admin. Code Ann. R. 14-24.001 - Prompt Settlement or Legal Defense of Claims and Disqualification for Failure to Settle Claims

(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.

(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 Rule 14-79.006, F.A.C. 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).

Notes

Fla. Admin. Code Ann. R. 14-24.001

Rulemaking Authority 334.044(2), 337.18(1) FS. Law Implemented 334.044(28), 337.141, 337.18(1) FS.

Formerly 14-10.01 F.A.C., Amended 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.

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.