Claim of Surety for Amounts Withheld under Two Contracts
B-189137
Published: May 19, 1978. Publicly Released: May 19, 1978.
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Highlights
An insurance company acting as surety to a company that defaulted on four contracts claimed amounts withheld under two remaining contracts whose performance the surety assumed. The claims by the surety represent money expended to complete the contract, and the surety should be given first priority to the funds withheld under the two contracts.