Claim by Surety Company for Funds Held by Navy
B-187283
Nov 04, 1976
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Highlights
Balboa Insurance Co. filed a claim for funds held by the Department of the Navy on a contract in which it was surety under bonds furnished by the prime contractor. Balboa may not be paid as an assignee since a surety company is not a "financing institution," but it may be paid contract retainages upon proof of payment of claims.