Florida’s version of the federal Miller Act requires a performance and payment bond for any state-funded construction project valued at $100,000 or more. The amount of the bond must be equal to the value of the contract. However, as long as a project is valued at less than $200,000, the contracting authority has some discretion in setting the required bond amount or allowing exemptions.
The required amount for Florida performance and payment bonds is capped at $250,000, even for contracts valued well in excess of that amount.
It is becoming increasingly common for private project owners, like public project owners, to require their contractors to provide a performance and payment bond.
