Fidelity & Deposit Co. v. Board of Education

The findings of fact by the referee and the trial judge establish substantially the following fact-status: When Clark, the contractor, defaulted, the hoard of education had in hand, applicable to the contract price, the sum of $3,067.50 plus the Murchison Bank item of $132.50, making a total of $3,200. If said board had complied with the contract with respect to the retained percentage, as it had agreed to do, it would have had in hand, applicable to the contract price, the sum of $4,375.20. When the default occurred it was the duty of the surety to complete the building. The surety, however,…