Construction Guarantee Fulfillment

 

Construction Guarantees are required for all construction within public rights-of-way. They are based on 125% of the total value of the proposed work within the Village. A construction guarantee will be held for one (1) year from the date of final inspections. The Finance Department is responsible for the collection of the construction guarantee while the Public Works department determines the value and authorizes the return. 

The Village of Pinecrest accepts the following forms of payment for the Construction Guarantee:

  1. Certified check or money order made out to the Village of Pinecrest.

     

  2. Letter of Credit :The Letter of Credit must include: 1) that the Letter of Credit can be drawn upon “at sight,” 2) be for a term of one (1) year and automatically renewable, 3) require sixty (60) days written notice from the issuer before expiration, and 4) be irrevocable.

     

  3. Performance Bond: The first $10,000 of the construction guarantee must be a certified check/ money order or LOC and the remainder maybe a performance bond. If the construction guarantee is $10,000 or less, then a bond may not be used for payment. The bond may only be terminated by the Village of Pinecrest, for the benefit of the Village of Pinecrest and for a period of at least one year. The bond needs to follow Commercial bond 587, chapter 255.

 

LOC and Bond Beneficiary:

Village of Pinecrest

Attn: Finance Department

12645 Pinecrest Parkway

Pinecrest, FL 33156

 

If you have any questions about the fulfillment of the construction guarantee, please send an email to finance@pinecrest-fl.gov . Before you obtain an Irrevocable Letter of Credit or Performance Bond, we can confirm if the specific language is acceptable. Please reference the permit number and address for ease of tracking.

The Construction Guarantee is to be delivered to the Finance Department at Village Hall, 12645 Pinecrest Parkway, Pinecrest, FL 33156 between 8 am – 4:30 pm or sent via express mail (Attn: Finance).

Construction Guarantees are held for one (1) year from the date of final inspection. Finance will then remit the funds and return the bond or LOC. In the case of a cash refund due, finance runs checks mid-month and end of month. The documents must be picked up in person and a valid ID must be presented.

In order to return the construction guarantee, the contractor has an obligation to ask if there have been any deficiencies in the construction, where upon Public Works  will review the location and make that determination. Public Works must release the permit in order for the construction guarantee to be returned. 

 

 

Back to top