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Surety Settled With Subs To Protect Its Own Interests Bonds-payment; Indemnification

Tuesday, February 03, 2004 11:57 am

 
Surety Settled With Subs To Protect Its Own Interests Bonds-payment; Indemnification

The Connecticut Supreme Court has ruled that a surety settled subcontractor payment bond claims to protect the surety's own interests and without conducting an adequate investigation. The surety was not entitled to indemnification from its contractor/principal.

Dominion Bridge, Inc. awarded a contract to Frank Mercede and Sons, Inc. to fabricate and erect a structural steel bridge. Mercede furnished payment and performance bonds issued by National Fire Insurance Company of Hartford. Mercede then subcontracted the erection work to PSE Consulting, Inc.

PSE subsequently asserted a claim of approxim [...]

 
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