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Assignee Allowed To Recover Against Payment Bond Bonds-payment; Subcontractors

Wednesday, March 09, 2005 01:13 pm

 
Assignee Allowed To Recover Against Payment Bond Bonds-payment; Subcontractors

The highest court of New York has ruled that a "factor," an assignee of an unpaid subcontractor, could recover against a public works payment bond.

Westway Industries, Inc., prime contractor on several public works projects in Westchester and Queens Counties, furnished payment bonds issued by U.S. Fidelity and Guaranty Co. The bonds were furnished in accordance with State Finance Law section 137.

Westway subcontracted a portion of the work to Atlas Concrete Cutting, LLC. After Atlas completed its work, it sold its accoun [...]

 
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