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Some Delay Damages Covered By Payment Bond Delay-damages; Bonds-payment

Friday, March 03, 2006 05:24 pm

 
Some Delay Damages Covered By Payment Bond Delay-damages; Bonds-payment

A federal appeals court has interpreted a private contract payment bond to cover subcontractor delay damages to the extent those damages are comprised of the increased cost of labor and materials needed for the completion of the project.

Icon, Inc. held a subcontract for equipment installation at a privately owned stainless steel plant in Kentucky. Icon furnished a payment bond issued by Safeco Insurance Company of America, Inc. Icon then subcontracted the erection of certain equipment to Lexicon, Inc.

Lexicon encountered numerous delays for whic [...]

 
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