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Home > Archives for subcontract default notice

Importance of Providing Notice to the Surety Company

November 11, 2015by Goldleaf

By:     Craig F. Martin of Lamson, Dugan & Murray, LLP A recent case out of Missouri emphasizes the importance of providing notice to a surety when a bonded subcontractor is in default.  When the question of whether a surety is obligated under the bond is in the balance, notice is crucial. In CMS v. Safeco Insurance Company, Safeco provided a performance bond to a subcontractor for the benefit of CMS. The bond specifically provided: PRINCIPAL DEFAULT.  Whenever the Principal … [Read more...]

Filed Under: Goldleaf Surety Blog Tagged With: bond, notice of default, performance bond, subcontract default notice, surety, surety bond, surety bond terms, surety company

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