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Can a bond claim amount be amended or do I need to cancel the existing claim and resubmit with the correct amount?

Virginia

I have a question on a bond claim we filed on 01/21/20 in the amount of $63,726.04. So, after doing some math and finding out that the rig left this particular jobsite one week before the end of the rental period, the amount of this claim is now incorrect and needs to be $62,437.88. What is the best thing for me to do? Should I cancel claim #3083199 and submit a new claim for the correct amount or is there someway to update the existing claim to the correct amount?

1 reply

Feb 24, 2020

Depending on what you mean by "claim," you can certainly update it with the bonding company if you are in the process of information exchange. If you are a supplier or a sub-subcontractor and it has been more than 90 days since the claim was made to the GC/bond principal, you likely do not want to cancel the current claim as it could cause issues should you have to litigate. This is all with the caveat that the specifics of your situation may change any of this advice so this shouldn't be taken as gospel or legal advice aside from the generalities.

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