Thru levelset I put a bond claim against the GC. Now I've been partially paid by the GC except for retainage. Do I have to withdraw the bond claim?
1 reply
Aug 12, 2019
Since bond claims are not recorded, there is generally no specific requirement to "release" or "withdraw" a bond claim. To the extent that a claimant has been paid, a "release" may be sent to the surety and GC, or a letter can be sent the the full extent of the bond claim is no longer applicable.
Sending a document stating that a claimant has been paid in full, or otherwise retracting a claim can be dangerous when there is still money outstanding. Doing so is a business decision, but if the time period for making a bond claim has passed, retracting a previously filed claim could have an impact on the claimant's ability to recover the rest of the amounts owed.